Closing costs and other types of mortgage fees are usually required when taking out a mortgage. By definition, a closing cost in reference to a mortgage is the fees and expenses that the buyer incurs during the transfer of property. These fees must be paid in order for the transfer of property to be complete.

Some different types of closing costs that you may encounter while taking out your loan include:

• Prepaid interest
• Property appraisals
• Property surveys
• Termite inspections
• Title insurance
• Homeowners insurance

Surprisingly, it’s not always up to the borrower to cover these closing costs. Sometimes the sellers will handle the charges to get the transaction moving along quickly. Closing costs apply to all sorts of loans, even fixed-rate loans.

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