Closing Or Settlement Costs

This Issue in United States

Closing or Settlement Costs in relation to Home Equity Lines of Credit

In this context, a definition of Closing or Settlement Costs is provided: Fees paid when you close (or sett le) 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 sett lement documents; att orneys’ fees; recording fees; estimated costs of taxes and insurance; and notary, appraisal, and credit report fees. Under the Real Estate Sett lement Procedures Act, 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.