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Closing Agreement

Closing Agreement

A crucial document that finalizes the mortgage loan process. It lists all of the costs and fees associated with the mortgage loan, including lender fees, third-party fees, and other charges. The agreement provides a detailed breakdown of the costs and fees, allowing borrowers to understand the exact charges they will incur. Some examples of costs and fees that may appear on a closing agreement include application fees, appraisal fees, origination fees, and title search fees. The agreement also outlines the terms and conditions of the loan, such as interest rates, payment schedules, and prepayment penalties. It is important for borrowers to carefully review the closing agreement before signing it to ensure that they are fully aware of all the costs and fees associated with the mortgage loan. Overall, a closing agreement is an essential document in the mortgage loan process that ensures complete transparency and clarity between the borrower and lender.

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