Definitions for "Closing Cost"
s: customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
The expenses incurred by sellers and buyers in the transfer of real estate ownership.
usually include an origination fee, discount points,appraisal fee, title search and insurance, survey, taxes, deeds recording fee, credit report charge and other cost assessed at settlement. The cost of closing usually are about 3-6% of the mortgage amount.
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