Definition
Fees you pay when finalizing a home purchase or refinance, such as appraisal fees, title fees, and attorney fees.
What to consider
- Budget ahead for these extra expenses when buying a home.
- They can add up quickly, so plan accordingly.
- Shop around to see if any fees are negotiable.
Real world scenarios
- Luke factors in loan origination fees, title insurance, and appraisal fees when calculating total closing costs for his first home.
- During negotiations, Jade asks the seller to cover part of the closing costs to finalize the sale.
- Tim double-checks each closing cost item on his settlement statement to avoid unexpected out-of-pocket expenses.
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