Closing costs are the expenses, over and above the price of the property, that buyers and sellers normally incur to complete a real estate transaction. Costs incurred may include mortgage loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. Prepais costs are those that recur over time, such a property taxes and homeowners┬┤insurance. The lender is required by law to state these costs in a good faith estimate within three days of a home loan application.

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