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.
Source: U.S. Department of Housing and Urban Development
Costs payable by both seller and buyer at the time of settlement, when the purchase of a property is finalized. These costs can be up to ten percent of the mortgage amount and usually include but are not limited to the following:
|Fees Paid to the Lender||Fees Paid in Advance||Other Charges|
Source: Ginnie Mae