Closing Costs
Refers to the fees that are charged to a buyer or borrower for their mortgage transaction. These fees can vary depending on the lender and the location of the property being purchased. Closing costs typically include fees for the loan application, home appraisal, title search, and legal documentation preparation, among others. Buyers should also be aware of additional costs such as property taxes, homeowners insurance, and mortgage insurance. While closing costs can be an added expense for borrowers, they are an important aspect of the home buying process and should be factored into a buyer's overall budget. It is important for borrowers to carefully review their loan details and closing costs with their lender to ensure they understand all the associated fees and expenses.