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What’s Included in Closing Costs?

PennyMac

An escrow account is a special account that holds money for property taxes, premiums, homeowners insurance and mortgage insurance. Some lenders require you set aside a few months of property tax and mortgage payments in an escrow account as part of your closing costs. Property Appraisal Fee. Property Tax.

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Understanding Mortgage Payments

Assurance Financial

Pre-approval: The lender evaluates your creditworthiness and pre-approves you for a certain loan amount. Property search: You search for a property to purchase within the pre-approved loan amount. At the beginning of your home loan, your payments will include a higher proportion of interest.