Closing Costs

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
Origination fee Discount points Credit report fee Appraisal fee Assumption fee if loan is assumed	Interest from the closing date to the beginning of the 1st payment Hazard insurance premium Mortgage insurance premium	Title search and title insurance Sales commissions Legal and recording fees Inspection and survey fees Property taxes and other adjustments Processing and document preparation fees

Source: Ginnie Mae