Buying a house? FAQ about closing costs and mortgage loans

Source: American Heritage Bank

Buying a house? FAQ about closing costs and mortgage loans – American Heritage Bank

For many of us, buying a home is the culmination of the ultimate dream.

But if anything can be learned from the housing crisis of the past few years, it’s the importance of making sure you can afford to make that dream a reality.

It’s best to understand all the costs involved with buying a home – from the monthly payments of principal and interest, taxes, and insurance, to the mortgage costs. These mortgage costs, known as closing costs, are the fees involved for the lender to give you the money you need to purchase the property. To help you understand closing costs, we’ve put together answers to these frequently asked questions.