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Let's break out the total amount of funds needed at closing.

1. Down Payment

Your down payment is a percentage of the purchase price paid in cash at closing. The amount required depends on the type of loan you choose and can come from

your own savings, a gift, or down payment assistance program.

2. Closing Costs

Closing costs are made up of Lender Fees and Third Party Fees. Lender Fees are the costs you are paying for our team to complete your loan application, such as processing, underwriting, and loan origination. Third Party Fees are expected charges needed by other parties in the transaction. These include, but are not limited to, attorney closing fees, title insurance, appraisal, county recording fees, and transfer taxes.

3. Initial Escrow Deposit

An initial escrow deposit is the amount of homeowners insurance and property tax that you will pay into your escrow account at closing, if required. This amount gets the account started and ensures that there will be enough funds available to pay the insurance premium/taxes owed when they are due. This initial amount will be different from what you pay monthly to maintain the escrow account. This initial amount is listed in section G on page 2 of your Loan Estimate. This amount may change between your Loan Estimate and Closing Disclosure.


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