How do Closing Costs Work?

"Closing Costs" are the fees which cover various services involved in the sale of a house. Sellers and buyers almost always negotiate these closing costs.

As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since New Millennium Mortgage Co. NMLS: 331173 has extensive experience with mortgages and closings, we can help you understand your closing costs.

The Loan Estimate (LE)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. Please note that while our LEs are very precise, we cannot always estimate costs to the penny. We go over LEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At New Millennium Mortgage Co. NMLS: 331173, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Taxes
  • Costs related to "originating" your loan
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At New Millennium Mortgage Co. NMLS: 331173, we answer questions about closing costs every day. Give us a call at (941) 366-5800.

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