The National Directory of Certified Public Accountants

Ask A CPA - Mortgages & Loans

What Expenses Are Paid At The Mortgage Closing ?

A mortgage closing is a process of finalizing the purchase of property or making of a mortgage loan. For refinances and home equity lines of credit and loans, monies are disbursed after the 3 business day rescission period has expired. Generally, for home equity lines of credit, checks are generally sent to the borrower 8 to 10 business days after closing. Closing costs are costs payable by either seller or buyer at the time of settlement when the purchase of a property is finalized, or by borrower when a loan is refinanced. They include expenses such as points, taxes, title insurance, mortgage insurance, recording fees and attorney fees. You will receive additional specific information about the types and amounts of closing costs applicable to your specific transaction when you apply for your loan.

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