Certain standard costs are related to closing the sale of a house. Sellers and buyers customarily split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Primemax Mortgage Group, NMLS#195523, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often change by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at the closing table.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Credit Report Interest Payment Escrow Account Various TaxesLoan-related costs Points — lower your interest rate (optional) Appraisal Costs Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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