Resources > Glossary > Closing Costs

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Closing Costs

Phonetics: clos·ing costs

Function: noun

Definition 1:
Closing costs usually include a loan origination fee, discount points, appraisal fee, notary fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The cost of closing usually are about 3 to 6% of the mortgage amount. Closing costs are detailed in the HUD Settlement Statement and Good Faith Estimate. Some finance companies provide closing cost calculators and analysis tools.