What Are Closing Costs?

Closing costs include the associated fees professionals charge for services to finalize the real estate transaction and your home loan. Some of these services include but are not limited to: origination and underwriting of a mortgage loan, real estate commissions, taxes, title filings, and insurance premiums. Professionals involved may include mortgage lenders, title officers, real estate attorneys, brokerages, etc. All closing costs must be disclosed in advance by law to buyers and sellers and agreed upon before a real estate deal can be completed.

The Bottom Line

Stay informed. When purchasing a home, you’ll want to consult with your agent to put together a basic “fees sheet” to get a better understanding of what additional costs are associated.

Considerations: Article has been modified and adapted from Nerdwallet.com, Rocket Mortgage, Zillow, and Investopedia.

Disclaimer: For Informational Purposes Only. Any and all information by or on this Site is provided for promotional or informational purposes only and is not to be relied upon as a professional opinion. Buyers and Sellers are encouraged to speak with their personal lawyers, accountants, and advisors as to how best the information can be used.