"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Sellers & buyers often negotiate to decide how to split these closing costs.
As indicated below, many of the closing costs result from getting your mortgage loan. Since Not Your Average Lender has extensive experience with mortgages and closings, we are closing cost experts.
Very soon after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.
Below you'll find a generic list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Fee Credit Report Interest Payment Escrow Account Various TaxesLoan-related costs Points — lower your mortgage interest rate (optional) Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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