Closing Cost

Closing Cost

What to expect when closing a mortgage loan

Loan Origination Fee

An up-front fee that is charged by a lender for processing a new loan application.

Appraisal Fee

Covers the costs of an independent appraisal of the value of the home

Application Fee

Covers the initial costs to process your application

Miscellaneous Fees

Include document prep fees, courier charges, notary fees, administrative fees. document review fees

Transfer Taxes

Local government charge when a home changes ownership

Discount Points

Finance charges paid when loan is closed, usually to obtain a lower interest rate

Recording Fees

For deed pay for the county clerk to record the deed and mortgage and change the property tax billing

Title Insurance

Covers legal costs in the event of a future claim on the property

Other Fees

Other payments may be settled at the closing, such as prorated payments for condo fees or property taxes