What are prepaids?

Prepaids are costs and fees paid by the borrower up front at closing. They include the amount of interest that has accrued daily from the date of the mortgage settlement (closing) to the beginning of the period covered by the first payment. Prepaids are paid prior to closing and at the closing table. Also, if an escrow account is established, funds sufficient to pay tax bills and home owner’s insurance will be required.

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