{"id":369304,"date":"2016-04-04T10:47:20","date_gmt":"2016-04-04T15:47:20","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/mortgages-equity-loans\/closing-and-continuing-costs.html"},"modified":"2024-07-01T09:19:18","modified_gmt":"2024-07-01T14:19:18","slug":"closing-and-continuing-costs","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/mortgages-equity-loans\/closing-and-continuing-costs.html","title":{"rendered":"Closing and Continuing Costs"},"content":{"rendered":"\n
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Closing and Continuing Costs<\/h1>\n
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\n By Robert Rafii, Esq.<\/a> | Legally reviewed by Robert Rafii, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Buying a home can be exciting, but it comes with major costs. First-time homebuyers may already know the relative costs of down payments or mortgage loans<\/a>.<\/p>\r\n

But it’s important to know that extra costs, such as closing and continuing or ongoing costs, add to the total cost of your new home. These costs may include processing fees associated with services such as running your credit score or paying for a pest inspection. Borrowers must add these costs to their monthly mortgage payments, property tax payments, homeowners insurance payments, and interest charges.<\/p>\r\n

This article provides a brief overview of closing and continuing costs that you should know about before committing to a home purchase<\/a>.<\/p>\r\n

What Are Closing Costs?<\/b><\/h2>\r\n

Closing costs are fees and processing charges paid to providers when securing your home loan. For example, when you take out a home equity line of credit<\/a>, you pay up front for many of the same expenses as when you financed your original mortgage. Any mortgage will have a closing disclosure laying out all the costs you’ll have to pay on the closing date.<\/p>\r\n

Closing costs in real estate transactions include items such as:<\/p>\r\n