(10) Closing Costs
It is one-time mortgage transaction cost that is associated with the purchase of house. Generally, closing cost of a mortgage represents about 2-5 % of the purchase price of house.
It includes wide range of administration expenses such as loan application fees, fees to obtain credit report, home appraisal fees, and title insurance fees.
Legally, your lender should give you a good written estimate of closing costs of a mortgage.
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