Question

If this client obtains a mortgage of $100,000, typically, how much should he expect to pay for closing costs?

Answer 1

Closing costs are the expenses that a buyer or borrower has to pay when obtaining a mortgage. These costs typically include fees for services such as property appraisal, title insurance, attorney fees, credit report, and loan origination.

Step-by-step explanation:

Closing costs are the expenses that a buyer or borrower has to pay when obtaining a mortgage. These costs typically include fees for services such as property appraisal, title insurance, attorney fees, credit report, and loan origination. The amount of closing costs can vary depending on factors such as the loan amount, location, and lender's policies. As a rough estimate, closing costs can range from 2% to 5% of the mortgage amount.