What are closing costs? What are down payments? What is the difference between closing costs and down payments? This video has the explanation you need.
Knowing the difference between these terms will save you-the agent-time and mental energy when closing escrow.
In this video, Robert Rico defines the difference between closing costs and down payments so you understand how they function in the transaction.
Closing costs are the fees associated with the loan type. This includes prepaid taxes, prepaid insurance, escrow fees, title fees, origination fees, and lender points.
The buyer needs to finance the money for these associated fees.
Down payments are a percentage of the home loan that the buyer pays to the seller. The percentage changes depending on the loan type.
The conventional loan has a 20% down payment while an FHA loan has 3.5% and a VA loan has 0% down payments.
#ClosingCost #DownPayment #Homebuyer
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