Question: What are Mortgage Closing Costs?
Answer: Mortgage closing costs are money that are paid by the borrower to effect the closing of a mortgage loan.
Mortgage closing costs typically includes an
- origination fee (usually paid to bank or mortgage company)
- mortgage points
- title exam
- title insurance
- attorney’s fees
- prepaid real estate taxes
- prepaid insurance escrow payments
- prepaid mortgage interest payments
Typically mortgage closing costs are few thousand dollars. ($4,000 – $10,000++)