All residential real estate transactions involves certain fixed costs. Sellers and buyers almost always share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the closing costs result from getting your loan. Since Not Your Average Lender has extensive experience with mortgages & closings, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the Loan Estimate (LE) and closing. We answer buyers' questions about these costs every day at Not Your Average Lender, so don't hesitate to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Not Your Average Lender, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Loan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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