What are closing costs?
Closing costs: Closing costs are the fees charged to open a home equity loan or HELOC, such as appraisal, origination, title and recording fees.
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A home equity loan or HELOC is secured by your home, so lenders typically check its value and your title before lending. Fees for that work, plus the lender's own charges for processing the loan, make up the closing costs.
Some lenders waive certain closing costs, cover them on your behalf or let you roll them into the amount you borrow. Rolled-in costs are still repaid, with interest, and some lenders that waive costs charge them back if you close the account early. Terms vary by lender.
When you compare offers
Ask each lender for an itemized list of closing costs and compare the total along with the APR. Check whether any waived costs must be repaid if you close the account early.
Explore home equity loan pages
Related guides
- Home Equity Loan vs. HELOC: What to Compare
How a home equity loan differs from a HELOC, what it means that your home secures the debt, and the details worth comparing before you borrow against your equity.
- How Much Can You Borrow Against Your Home?
How lenders estimate your usable home equity, what combined loan-to-value means, and what else shapes how much you may be able to borrow with a home equity loan or HELOC.
- HELOC vs. Personal Loan for a Home Project
How a HELOC and a personal loan compare for paying for a renovation or repair: collateral, rate type, fees, timing and what to weigh before you borrow.
This glossary is for general educational purposes and isn't financial, legal or insurance advice. Lendara is not a lender and does not make credit decisions. Lendara is a free online marketplace that connects you with participating lenders and providers, who set their own eligibility rules, rates, fees and terms. Lendara may receive compensation from partners, which may affect which offers appear and their order.