Universal Solvent Definition. A universal solvent is a substance that dissolves most chemicals. Water is called the universal solvent because it dissolves more substances than any other solvent. However, no solvent, including water, dissolves every chemical. Typically, like dissolves like..
Average closing costs on a mortgage loan is between 2%-5%. On a home with a purchase price of $200,000 the typical costs will be between $3,000-$5,000. These costs will vary depending on the lender you use. Closing costs are made up of several different fees charged by your lender. These fees include credit report, loan origination fee, survey, etc.
This fee pays the person arranging your new loan, the loan officer. Average closing costs vary here, because this fee most often equals one point, but can be higher. This is usually how your loan officer is paid. A point in mortgage lending equals 1% of the total amount of money you are borrowing (not paying). So, if you need to actually borrow $200,000, one point equals $2,000.