Under the real property loan law, the maximum amount a borrower can pay for closing costs, excluding commission, regardless of the size of the loan, is:
The
correct answer to this question is that:
Under
the real property loan, the maximum amount a borrower can pay for
closing costs is $700. The
law states that the amount shall not exceed 5% of the principal amount of the
loan or $390, whichever is greater but not exceeding $700.
