What are the closing costs of the mortgage loan?

There are four basic categories of charges during the closing of the mortgage loan:

Charges related to the transfer of the deed:
  • Title Insurance
  • Legal Fees

Fees (Government Recording and Transfer Charges):

  • Fees paid by the borrower or by the seller, depending on specified terms and conditions.

Charges related to the cost of the loan:

  • Origination Fees
  • Discount Points
  • Loan Insurance Premium
  • Homeowner¹s Insurance Premium
  • Property Taxes Escrow Account, if applicable

Other expenses:

  • Property Appraisal
  • Credit Report
  • Title Search
  • Flood Zone Determination

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