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This gets trickier. Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are, as their name suggests, costs that don't occur again. In other words, any items paid just once as a result of buying the property or obtaining a loan. "Pre-paid" costs are items which recur over time, such as property taxes and homeowners insurance. The lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items in their "good faith estimate" that they issue to the borrower within three days of receiving his or her home loan application.
