Closing Costs Definition: Closing costs are the fees you pay when you purchase a home with a mortgage. It’s the cost of getting all the paperwork for the mortgage, the purchase of property, the transfer of ownership, and many other steps involved with investing in a home.
Often, closing costs include fees for a mortgage lender, real estate attorney, and other professional services. Legally, closing costs must be disclosed before fees are charged, so that the buyer and seller are aware of the total costs before the purchase.
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