All residential real estate transactions incurs costs. Buyers and sellers almost always share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. At Not Your Average Lender, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Very shortly after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We review LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below you'll find a general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Up-front Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Getting YourCredit Report Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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