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What are closing costs?

April 26, 2017closing costs

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What are closing costs?

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Closing costs are the expenses incurred by buyers and sellers in the process of transferring ownership of a property.

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Closing costs are expenses for financing your home loan. You may negotiate with the seller regarding who will pay some or all of them.

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Money paid by the borrower (or seller) to affect the closing of a mortgage loan. This normally includes an origination fee, title insurance, survey attorney’s fees and such prepaid items as taxes and insurance escrow payments.

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Closing costs are the fees and expenses associated with processing the paperwork to buy a home, lot, or other real estate. Closing costs that you will pay at settlement average about 3-4% of the price of your home. These costs cover various fees your lender charges, and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won’t be caught by surprise.

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Besides the down payment, home buyers must be prepared to pay a number of additional up-front costs. Collectively called ‘closing costs’; these expenses typically range from 1% to 3% of the amount of the mortgage.

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