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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How to Save on Closing Costs

You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here's how you can save on everything from settlement fees to title insurance.