Certain standard costs are associated with closing the sale of a house. Sellers and buyers usually share these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. Since Not Your Average Lender has extensive experience with closings & mortgages, we are closing cost experts.
Very shortly after you submit your application, we will provide you with a "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.
Below you'll find a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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