CLOSING COSTS

Any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments. a. closing costs, nonrecurring: one-time costs charged in conjunction with a loan. (i.e.: loan origination fee, title policy, escrow fee, credit report, appraisal, tax service, notary fees, recording fees, pest control inspection) b. closing costs, recurring: costs charged in conjunction with a loan (i.e.: tax reserve, tax prioritization, hazard insurance reserve, hazard insurance premium, prepaid interest)

Tags: fees discount points attorney fees title insurance survey