I'm not exactly sure how to explain my question but I'll do my best....when your offer is accepted and you go to contract...how exactly does that work...I mean when do you pay your closing costs and fork over your down payment...Is this done all at once or gradually...an if gradually could you tell me about the time frame...(like 5% up front and then 1 month later this amount)..As you can see I am completely clueless and we are coming so close to finding our home..I just know it. Thanks
AtticaQT
Posted:
Member since
Re: Question about closing costs and down payments
Closing costs are paid at the actual time of closing - after all the paper work is done and you have been approved for the mortgage.
Usually 10% of the selling price is due at signing of teh contract - and the remainder of the downpayment is due at closing - so if you are required to put 20% down then you have a remaining 10% to pay at the closing - the 80% is covered by the mortgage
