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The Closing Process

Understanding closing costs

You will probably have expenses in three different categories:  government-imposed closing costs; mortgage-related closing costs; and buyer costs to the seller.

Mortgage-related costs paid at closing may include: loan origination fee, loan discount points, mortgage insurance, appraisal fee, prepaid interest, escrow accounts, credit report fee.

Any special agreements you've made with the seller regarding your costs versus his or hers should be specified clearly in the sales contract.