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What are closing costs, and what should I expect?

Author: Keith Uthe Demystifying Mortgages |

Closing costs are additional expenses associated with finalizing the purchase of a property and securing a mortgage. They can include legal fees, home appraisal fees, land transfer taxes, title insurance, and other administrative costs. It is important to budget for these costs, as they typically range from 1.5% to 4% of the purchase price.