Every home sale involves fixed costs. Sellers and buyers usually split these costs, as the real estate sales contract specifies.
As the list below indicates, many of the closing costs result from getting your loan. Since Not Your Average Lender has extensive experience with mortgages and closings, we are closing cost experts.
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on our past experience. Please note that while our LEs are very accurate, we can't always predict closing costs to the penny. We explain Loan Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Escrow Account TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Pulling Your Credit Report Up-front Interest Payment Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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