Closing costs involve all the fees and costs that need to be paid before or at the time of closing. Your mortgage contract and disclosures go over all the costs that will be incurred by you as the buyer, the seller, and the lender.

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Closing Costs

Related Terms: Seller Fees, Buyer Fees
There are a number of fees that are charged by those involved in a mortgage that need to be paid, called the closing costs. Depending on your contract and the type of fee, these costs are paid by either you, the seller, or the lender. 
Closing Costs
An idea of the costs are available to you in the form of a Good Faith Estimate when you first apply for a mortgage loan. Lenders will outline approximate closing costs in the GFE so you have a fair idea of how much the loan will cost you, and you can compare these numbers to the final costs before closing. Keep in mind that the final numbers can be significantly higher than the ones quoted in the GFE. You have the right to question and negotiate them, or even walk away from the deal. In most cases the closing costs amount to 2 to 5 percent of the purchasing price.

Here are some of the fees you’ll see listed in the closing costs.
  • Lender's origination fee
  • Deposit verification fees
  • Attorney's fees
  • The appraisal fee and any inspection fees
  • Cost of title insurance and title examination
  • Document preparation (by a third party)
  • Property survey
  • Credit reports (actual costs)
  • Transfer stamps, recording fees, and taxes
  • Test and certification fees
  • Home inspection fees up to $200