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Closing Costs (settlement costs)

Closing Costs (settlement costs)

Closing costs are expenses separate from the price of the property that are paid by the borrower. Closing costs can be separated into two categories: non-recurring costs and pre-paid costs. Non-recurring costs include the loan origination fee, discount fees, flood check fee, title charges,  escrow closing fees, and government recording and transfer fees. Pre-paid costs include homeowner's insurance, property taxes, and pre-paid interest.

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