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Glossary Term: CLOSING COSTS

Definition(s) for CLOSING COSTS:


1. ) A variety of costs paid in conjunction with purchasing a home or taking on a new mortgage. Closing costs often include points, which usually are a form of additional interest. Other closing costs may include property taxes, title insurance, transfer tax and attorneys' fees.

2. ) customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.



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