closing costs

plural noun

Personal Finance.

1. fees charged to a purchaser by a bank, lawyer, etc. for services related to a sale, as title search, appraisal, etc.

2. any expenses over the purchase price of a house, land, etc., that is paid by the purchaser or seller at the completion of the sale.

Example Sentences

With a VA loan, borrowers only need to cover standard closing costs, which are similar for both types of loans.

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Resellers and lenders usually pass at least some of these fees onto borrowers in closing costs.

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Other incentives might include helping buyers secure a lower mortgage rate or offering to pay some closing costs.

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And if you’re taking out a loan to finance the renovation, you’ll also have to factor in interest rates, closing costs and other loan fees.

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We’re also planning to potentially use our current mortgage originator in the refinance, which is waiving closing costs on a new loan.

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