"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Buyers and sellers negotiate the payment of these closing costs.
As you'll see below, many of the closing costs result from getting your loan. At MidTowne Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the LE and closing. We review LEs with buyers every day, so we'd be glad 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, soon after you complete 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
Appraisal Fee Credit Report Up-front Interest Payment Escrow Account Various TaxesCosts associated with "originating" your loan Points — lower your interest rate (optional)
InsuranceRecording Fees & Transfer Taxes
Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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