- This term means that certain closing costs are included or rolled into the mortgage loan. As a result, the borrower has lower out-of-pocket closing costs and higher monthly payments.
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Related Terms and Acronyms
- Legal Fees and Disbursements — Definition,
- Charges paid on your behalf by a solicitor that are in addition to professional costs.
- Non-Recurring Closing Costs (NRCC) — Acronym,
➥ Non-recurring fees at closing are those that are paid once such as a property inspection or property appraisal fees. Recurring fees are those that are paid again and again such as property taxes, condo fees and property insurance.
- One-time fees paid at a real-estate settlement, including origination, appraisal, points, title insurance and credit report.
- Pre-paid Expenses — Definition,
- also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
- Roll In Loans — Definition,
- A refinancing loan that rolls any closing costs or fees into the loan. These programs best serve people who have a reasonable amount of home equity, want to reduce their overall interest expense, and plan to stay in their homes.