Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Buyers and sellers almost always negotiate the payment of these closing costs.
As you'll see below, many of the costs result from getting your mortgage. At New Millennium Mortgage Co. NMLS: 331173, we are highly experienced in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
Below you'll find a generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Various Taxes
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Property Taxes
- Recording Fees and Transfer Taxes
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At New Millennium Mortgage Co. NMLS: 331173, we answer questions about closing costs every day. Give us a call: (941) 366-5800.