Closing Costs

What happens at closing?

At the closing, ownership of the newly purchased home is officially transferred from the seller to you. [click here for more]

Statutory Costs

Statutory costs are expenses you would have to pay to state and local agencies even if you paid cash for the house and did not need to take out a mortgage. [click here for more]

Third-Party Costs

Third-party costs are expenses paid to others such as inspectors or insurance firms. [click here for more]

Finance and Lender Charges

These are charges such as the origination and application fees, points, credit report and lender's attorney fees. [click here for more]

Other Up-Front Expenses

The major portion of other up-front expenses is the deposit or binder you make at the time of the purchase offer and the remaining cash down payment you make at closing. [click here for more]

What is RESPA?

The Real Estate Settlement Procedures Act (RESPA) contains information on the settlement or closing costs you are likely to face. [click here for more]

What is "Truth in Lending"?

Mortgage lenders are required to give you a Truth in Lending (TIL) statement containing information on the annual percentage rate, the finance charge, the amount financed, and the total payments required. [click here for more]