What do settlement or closing costs include?
Your settlement or closing costs depend on your area and the outcome of your negotiation with your buyer. Typically, these costs may include: • Loan discount points based on the amount of the buyer’s mortgage loan. • Interest on your mortgage loan for the portion of the amount up to the settlement or closing date. • Termite inspection fee. • Fees, such as preparation of release, recordation of release, notary, trustee fees, if needed, and grantor’s tax, as local laws and customs dictate. • Brokerage fee • If applicable fees: • A prepayment penalty on your mortgage • Repairs required by the lender if not paid by buyer. • Settlement or closing fees for attorney services such as paying off the loan and document preparation.
