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Closing Costs are fees and other monies that are due at the time of a real estate closing. Prior to a closing, your lender or mortgage company will develop a "good faith estimate" of all closing costs. The good faith estimate will contain categories of costs including:
- Lender Fees - Origination fees, mortgage points, document preparation fees, overnight mailing services, and administrative costs.
- Third Party Fees - Title search fees, title insurance, flood certification, surveying costs.
- Attorney Fees - Document preparation, participation in meetings, standard fees to prepare documentation for a closing.
- Government Fees - Recording of deeds, state and local mortgage taxes.
- Escrow Account and Interest - Homeowner's insurance, real estate taxes held in escrow, private mortgage insurance, mortgage interest due up to the last day of the month.
- Mortgage Points - Prepayment of interest on a loan, where one point is equal to one percent of the mortgage or loan.
Other forms of this term include - closing cost |
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