Closing Costs for Residential Real Estate Transactions
There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always share these costs, as the real estate sales contract specifies.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. Since New Millennium Mortgage Co. NMLS: 331173 has extensive experience with closings & mortgages, we often explain the details of closing costs.
The Loan Estimate (Also known as the LE)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always predict closing costs to the penny. We explain Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below you'll find a general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
Property Taxes
- Insurance
- Recording Fees and 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.