Home Buying Terminology - Closing Costs
Home Buying Terminology: An A-to-Z review of common terms you'll encounter during the home buying process.
Closing costs are what you incur on closing day (also known as "settlement"). Basically, closing costs are the price you (and/or the seller) will pay to transfer ownership of the property. Closing costs do not include the purchase price -- they are the "extras" above and beyond the actual purchase price.
Closing costs usually include fees for home appraisal, loan origination, survey and real estate agent's commission. They may also include prepayment of taxes and insurance. Closing costs usually range from 2 to 4 percent of the home's purchase price.
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Learn more home buying terms at HomeBuyingInstitute.com
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Closing costs are what you incur on closing day (also known as "settlement"). Basically, closing costs are the price you (and/or the seller) will pay to transfer ownership of the property. Closing costs do not include the purchase price -- they are the "extras" above and beyond the actual purchase price.
Closing costs usually include fees for home appraisal, loan origination, survey and real estate agent's commission. They may also include prepayment of taxes and insurance. Closing costs usually range from 2 to 4 percent of the home's purchase price.
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Learn more home buying terms at HomeBuyingInstitute.com
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posted by Brandon at
7:37 PM
