What are the various closing costs involved in a mortgage transaction?
- Lender Fees – Fees paid to the lender for the processing of your loan, such as loan origination.
- Third-party fees – Fees paid for services rendered by parties other than the lender, such as title insurance, appraisal, flood certification, and recording fees.
- Prepaid Costs – Costs that are collected at the time of closing for items such as prepaid interest, property taxes, and hazard insurance.
You will be provided with an estimate of these costs prior to closing.