How do Closing Costs Work?

Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily share these costs, as the sales contract specifies.

As you'll see below, many of the buyer's costs cover the costs of originating the loan. At New Millennium Mortgage Co. NMLS: 331173, we are highly experienced in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on New Millennium Mortgage Co. NMLS: 331173's experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer your questions 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 application. At New Millennium Mortgage Co. NMLS: 331173, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

New Millennium Mortgage Co. NMLS: 331173 can help you understand closing costs. Call us at (941) 366-5800.

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