9
QuizMultiple Choice

Other Costs of Buying a Home

Question 9 • 26-27 Ignite Technical Math-Financial Math - MA2007

Fees paid at the time of a home loan transaction between the buyer, seller and lender are called _____.

Answer
A
application costs
B
closing costs
C
lending costs
D
purchase costs

Explanation

Fees paid when a home loan transaction is completed are called closing costs. They can include charges for services such as the loan, appraisal, title work, and recording the sale; application costs are only one possible part of the overall costs.

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