Mortgage Fees Explained | Personal Finance
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Mortgage Fees Explained

Once a mortgage loan has been approved and the offer is accepted by
the borrowers, the loan must close. In addition to the loan amount,
other fees are associated with a mortgage loan. These are known as
closing costs, or mortgage fees, and will be fully detailed on the
HUD-1 Settlement Statement provided by the mortgage lender.
FunctionClosing costs are assessed based on a number of factors. These
fees function to pay the lender for additional services and other
third party vendors who are involved with the loan transaction. Third
parties include the real estate broker, title insurance company and
the taxing authority where the property is located.
TypesThe term
"closing costs" actuall