Don't Forget Closing Costs
"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Buyers & sellers often negotiate to decide how to split these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. At New Millennium Mortgage Co. NMLS: 331173, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very soon after you submit your application, we'll give you a "Loan Estimate" of your costs. This cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at the closing table.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan 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
- Escrow Account
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Recording Fees & Transfer Taxes
- Flood or 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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