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• Fees paid when you close (or settle) on a loan. These fees may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys' fees; recording fees; estimated costs of taxes and insurance; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act (RESPA), the borrower receives a "good faith estimate" of closing costs within three days of application. The good faith estimate lists each expected cost as an amount or a range.

  The Federal Reserve Board - Cite This Source - This Definition
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  Cite Definition for Closing (or settlement) costs

  American Psychological Association (APA)

  Closing (or settlement) costs. (n.d.). A Consumer's Guide to Mortgage Refinancings. Retrieved June 5, 2023, from website: http://www.expertglossary.com/definition/closing-or-settlement-costs.

  Chicago Manual of Style (CMS)

  Closing (or settlement) costs. www.federalreserve.gov. A Consumer's Guide to Mortgage Refinancings. The Federal Reserve Board. http://www.expertglossary.com/definition/closing-or-settlement-costs (accessed: June 5, 2023).

  Modern Language Association (MLA)

  "Closing (or settlement) costs." A Consumer's Guide to Mortgage Refinancings. The Federal Reserve Board. 5 June. 2023 http://www.expertglossary.com/definition/closing-or-settlement-costs.

• Browse Related Terms: Appraisal, Appraiser, Closing (or settlement) costs, equity, Financial Models, Good faith estimate, Loan to Value (LTV) Ratio

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