Noun
closing costs pl (plural only)
(finance, real estate) Fees which are paid at the conclusion or closing of a real estate transaction.
One of the problems that we are confronted with is, when we decide to buy or build a home, we don't get a clear picture of what closing costs will be of that home. Alphonso Jackson
Also, about three days before the home settlement date, the mortgage lender will provide the buyer a closing disclosure statement, which will, once and for all, establish specific closing costs. Source: Internet
A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application. Source: Internet
◆ Fact: It will also offer a forgivable loan of $7,500, secured by a second mortgage, to help with the down payment or closing costs. Source: Internet
Renting makes sense if you plan to live somewhere for a relatively short period of time, as the costs associated with buying a home — such as escrow fees, taxes and closing costs — take some time to amortize. Source: Internet
In an effort to cut down on the extra expense that closing costs can create, the VA has significantly lowered these fees associated with NADLs. Source: Internet