GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Early Closing Cost Reimbursement


Synonyms:closing credit, compensation, remuneration, repayment
Filed Under: financial-banking
Tags: banking
 

Definition of early closing cost reimbursement

early closing cost reimbursement
1. Some line-of-credit lenders waive underwriting costs when a credit line is opened in anticipation of future profits. If the credit line is closed early, fees are retroactively imposed by the lender.

Related Terms and Acronyms:

  • closing costs   The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
  • lender   The bank or mortgage company offering the loan.
  • non-recurring closing costs (NRCC)   One-time fees paid at a real-estate settlement, including origination, appraisal, points, title insurance and credit report.
      ➥  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.
  • pre-paid expenses   also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.

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