Closing costs

Fees paid when you close (or settle) on a mortgage. These fees may include:

• Application fees.

• Title examination, abstract of title, title insurance and property survey fees.

• Fees for preparing deeds, mortgages and settlement documents.

• Attorneys’ fees.

• Recording fees.

• Estimated costs of taxes and insurance.

• Notary, appraisal and credit report fees.

Under the Real Estate Settlement Procedures Act (RESPA), the borrower receives a “good faith estimate” of closing costs within three days of applying for a home loan. The good faith estimate lists each expected cost as an amount or a range.

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