What are Closing Costs?

Closing costs are fees associated with your loan transaction that are paid at the closing of the transaction. Closing costs vary by lender, but the following are the most typical closing costs and how they are determined:

Discount Points – An optional additional cost to you to lower your interest rate

Appraisal Fee – Verify the value of the home

Credit Report – Cost of ordering the credit report of Experian, Transunion, and Equifax

Recording Fee – The documents that you sign at closing that are sent to the Register of Deeds

Title Insurance – Cost of the title search to make sure all taxes have been paid on the property

Closing Fee – The closing fee is paid to the title company for handling the closing of your transaction and for properly transferring title from sellers to buyers

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