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Category Archives: Closing Costs

Tax Closing Costs

Property Taxes This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in …

Loan-Related Closing Costs

Loan Origination Fee This covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount. Points (optional) An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent of the mortgage amount. For example: on a $150,000 …