Items that generally must be paid for at the time of closing and are generally recurring charges. Prepaid items may include the following:first year premiums for hazard, flood and mortgage insurance, as applicable to the transaction
Those expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxed, insurance, rent, etc.
Items that must be paid for at the time of closing; most common are: interim interest, taxes, first year premium for required insurance, and fees applicable to certain loan products.
Items paid to the lender at closing to establish the buyer's escrow account for payment of taxes and insurance.
Expenses paid by buyer-borrower at closing, such as taxes, insurance, and interest. See Recurring Closing Costs.
Items paid for in advance such as interest, taxes
Charges that are paid "in advance" at the closing of a loan. Example: property taxes, insurance premiums, interest, etc..
On a closing statement, items that have been paid in advance by the seller, such as insurance premiums and some real estate taxes, for which he or she must be reimbursed by the buyer.
Costs paid at closing for taxes, interest and insurance. Because prepaid items are recurring costs that do not relate to the acquisition of the property itself, they cannot be financed.
Items that generally must be paid for at the time of closing and are generally recurring charges. Prepaid items may include taxes; first-year premiums for hazard, flood, and mortgage insurance; prorated interest, any special assessments that must be prepaid (e.g., water/sewer connection); escrow account for any of the above.
An advance payment at the time of closing for taxes, hazard insurance, and mortgage insurance which is held in an escrow account by the lender.
Charges paid on behalf of the buyer at the time of closing that will be due later. These include homeowner's association dues, insurance and tax reserves, prepaid interest, and more.
Items that must be paid at the time of closing and are generally recurring charges. Prepaid items may include a) first year premiums for hazard, flood, and mortgage insurance (if applicable) b) A couple months of taxes and partial month's interest.
Fees paid on the closing date to cover future costs like property taxes, interest, mortgage insurance and hazard insurance. Lenders want to make sure that their investment is secure, so they may require you to deposit a sum of money in an escrow account to prepay recurring costs, such as: (1) your first 6 months of property taxes (2) your first 2 months of hazard insurance and (3) your first 2 months of mortgage insurance, if required. The lender also collects the interest you owe for the period between the closing date and the end of the month. So, if September 3 is your closing date and you make your first monthly loan payment on November 1, you have to prepay the interest that's due through the end of September.
Recurring charges such as taxes, interest and insurance. These costs can be paid by the buyer or seller — or jointly — if the parties agree and if the type of loan chosen does not prohibit it. Usually only the buyer incurs prepaid items.
Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
Expenses that must be paid as a condition of escrow but would be in advance of their due dates. These items include taxes, insurances, assessments, and prorated interest.
Prepaid items are prorated and credited to the seller in the escrow closing statement.