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Closing
costs are based on an average of customary
closing costs around the nation and include
a 1% origination fee; your actual closing
costs will reflect costs common and
customary to your area and may vary
according to specific product type selected.
Prepaid expenses include 30-days prepaid
interest and 2 month's escrow for taxes,
home owners insurance, and private mortgage
insurance, if applicable; actual prepaid
expenses may vary according to closing date
and property location.
Reserves are funds available to borrower
after closing and do not have to be paid to
lender.
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