Colorado Springs Mortgage Blog

Sometimes it seems like people who do mortgages speak their own language. Let's take a couple of seconds to decode a few common terms involving the word closing~

CLOSING COSTS All appropriate costs generated by the sale of property which the parties must pay to complete the transaction. Costs may include appraisal fees, origination fees, title insurance, taxes and any points negotiated in the deal.

CLOSING STATEMENT

The document detailing the final financial arrangement between a buyer and seller and the costs paid by each.

CLOSING A torturous process designed to induce cramping in a home buyer's hands by requiring signature on countless pieces of documentation that nobody has ever read. Or, the process whereby the sale of a property is consummated with the buyer completing all applicable documentation, including signing the mortgage obligation and paying all appropriate costs associated with the sale (CLOSING COSTS).

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