Closing costs are the fees incurred at the end of a real estate transaction, whether you’re buying or refinancing a home. This final step, known as closing, involves transferring the property title to the buyer. These costs are additional expenses beyond the property’s purchase price, typically borne by both buyers and sellers to finalize the transaction.
For buyers, these costs generally include underwriting fees, appraisal charges, mortgage insurance, homeowner’s insurance, and property taxes.