What's the difference between closing costs and down payment?

Homebuyer's School

Wondering what the differences are between closing costs and a down payment? How do they affect you when buying a home? In this episode, we talk with Troy Champ, Mortgage Advisor with Mortgage Tree and discuss the differences between the two, how closing costs are applied when buying a home, what home builders may cover. Finally, we also look at differences between the two regarding new and resale homes.

Prefer to watch the video or read and take notes? See the transcript:

http://stories.brookfieldresidential.com/homebuyersschool/are-down-payments-and-closing-costs-the-same

We discuss the following items:

• Differences between a down payment and closing costs
• What's included in closing costs?
• The difference in closing costs between new and resale home?
• What home builders cover in relation to closing costs?

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