"Closing Costs" are the fees that cover the various services involved in the sale of a house. Buyers and sellers often negotiate to decide how to split these closing costs.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At MidTowne Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We go over LEs with buyers every day, so we will be happy to answer the you have about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At MidTowne Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Credit Report Interest Payment Escrow Account TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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