What is Mortgage Closing Cost?

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
  • survey
  • attorney’s fees
  • prepaid real estate taxes
  • prepaid insurance escrow payments
  • prepaid mortgage interest payments
  • etc

Typically mortgage closing costs are few thousand dollars. ($4,000 – $10,000++)

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