Closing cost are all of the charges you pay when you close your loan at the title company. Generally, you pay few if any charges for the process of getting your loan while you are IN the process of putting your loan together. There are several parties involved in getting your mortgage for you. In addition to Veritas as your lender, you have some or all of the following that provide necessary services for getting your mortgage: appraisers, inspectors, title companies, government recorders, insurance companies, and others. The fees you incur with these entities in the process of getting your loan are all part of your closing costs. Additionally, most borrowers will have funds held in escrow for payments that will be made later on items like homeowner’s insurance and property taxes. Funding your escrow account is also part of your closing costs. Depending on how you want to structure your loan, these costs can vary widely, but generally you can expect them to be 2-3% of your loan amount.
