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Housing Word of the Month: Closing Costs

If you have ever bought a home, you have probably heard the term "closing costs" or "settlement charges." For those of you not so familiar with the home buying process, closing costs are the expenses over and above the price of the property that buyers and sellers normally incur to complete a real estate transaction. These costs include loan origination fees, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. They are necessary, but they can certainly add to the total cost of your home purchase.