Closing costs

Closing costs are expenses incurred over and above the price of the property, by buyers and sellers when transferring ownership of property. They are of two types, non-recurring and pre-paid. Non-recurring expenses are paid just once as a result of buying property or obtaining a loan. Pre-paid expenses are costs, which are recurring such as property taxes and homeowner’s insurance. A lender usually gives the borrower an estimate of the total costs in a Good Faith estimate within three days of receiving a home loan application. Closing costs normally include an origination fee, attorney’s fee, taxes, amount placed in escrow, charges for obtaining title insurance and a survey. Closing costs will vary according to the area of the country and the lender.
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