Closing Costs

« Back to Glossary Index

Fees incurred in a real estate or mortgage transaction and paid by borrower and/or seller during the closing of the mortgage loan. These typically include a loan origination fee, discount points, attorney’s fees, title insurance, appraisal, survey, and any items which must be prepaid, such as taxes and insurance escrow payments. The cost of closing is usually about 3 percent to 6 percent of the mortgage amount.

« Back to Glossary Index