Law Dictionary
To search for a particular term please use the following search box.
Legal Terms
Click on a category to see available terms for that category.
- Banking Law
- Canon Law
- Civil Law
- Civil Rights
- Commercial Law
- Common Law
- Consumer Law
- Contract Law
- Contracts
- Corporate Law
- Courts
- Criminal Law
- Employment Law
- English Law
- Family Law
- Feudal Law
- French Law
- General Practice
- Government
- Health Law
- Immigration Law
- Insurance Law
- Intellectual Property Law
- International Law
- Investment Law
- Latin Terms
- Maritime Law
- Military Law
- Monarchy
- Obsolete
- Real Estate Law
- Roman Law
- Scottish Law
- Spanish Law
- Tax Law
- Torts
- Transportation Law
- Trusts and Estates
- Water Law
closing costs
Costs payable by both seller and buyer at the time of settlement, when the purchase of a property is finalized. These costs can be up to ten percent of the mortgage amount and usually include but are not limited to the following: Fees Paid to the Lender
- Origination fee
- Discount points
- Credit report fee
- Appraisal fee
- Assumption fee if loan is assumed
- Interest from the closing date to the beginning of the 1st payment
- Hazard insurance premium
- Mortgage insurance premium
- Title search and title insurance
- Sales commissions
- Legal and recording fees
- Inspection and survey fees
- Property taxes and other adjustments
- Processing and document preparation fees
Source : Ginnie Mae - Government National Mortgage Association - GNMA
Language : English