Definitions for "NON-RECURRING CLOSING COSTS"
Also known generically as the closing costs that help make up the total settlement costs; these are fees due to the broker, lender, the title company, and local and state taxing agencies. (See Settlement Costs ).
Those closing costs associated with acquiring the loan. They include loan fees (points), appraisal and credit reports, title insurance, underwriting, processing fees, and miscellaneous smaller fees for various services. In the case of a purchase, you may also pay transfer taxes, fees for various other reports, and for some repairs through escrow. There will also be recurring closing costs.
are charges or fees which only occur one time; i.e., escrow fee, title insurance policy, recording fees, document preparation, notary fees, loan origination, loan discount points, inspection fees, underwriting-basically anything that is a one-time fee and will not be paid again.