Subject*1st time home buy



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Answer #1

See answer here http://www.choicefinance.net/blog/2016/04/transferrecordation-tax/
for an example of some closing costs for 1st time buyer in Maryland. What County are you buying in?

You will also have Lender fees.
Other items, aren’t closing costs, but are costs to setup your loan;
– Property taxes
– Escrow of taxes
– Escrow of insurance
– possible mortgage insurance
– prepaid interest

Talk with your tax advisor to confirm which items will be accepted as a Deduction on your tax returns. I believe mortgage insurance no longer can be written off… one of these Loan Officers can confirm. More reason to choose a loan with a higher rate and lender paid mortgage insurance, if it applies to your situation.

Answers Answered By: choicefinance.net Level Rating148points

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