"Closing Costs" are the fees that cover the various services involved in the sale of a house. Buyers & sellers almost always negotiate these costs.
As you'll see below, many of the buyer's costs cover the costs of originating the mortgage loan. At MidTowne Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
Below is a fairly general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Account Taxes Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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