Question: “What do closing costs consist of?” -Brandon | Duxbury, MA
Answer: Your closing costs are made up of several fees that are incurred in conjunction with your loan. Many are simple and self explanatory such as appraisal fee, credit report, underwriting fee, attorney’s fee while some are typically less well known such as title insurance, title exam, plot plan, municipal lien certificate. As compliance requirements increase, as well as verification requirements, many of these costs are included in your closing costs. You should always ask for a specific itemization of your closing costs in order to walk through them with your loan officer and fully understand what comprises them.