All residential real estate sales involves certain costs. Buyers and sellers almost always split these costs, as specified in the sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. Since Not Your Average Lender is highly experienced with mortgages and closings, we often explain the details of closing costs.
Very soon after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on Not Your Average Lender's experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
Below is a general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance if applicable
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