How do Closing Costs Work?
"Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. Buyers and sellers usually negotiate these costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. At New Millennium Mortgage Co. NMLS: 331173, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on New Millennium Mortgage Co. NMLS: 331173's experience with mortgage loans, but costs often vary by small amounts between delivery of the GFE and closing. We go over GFEs with buyers 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 will 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
- Escrow Account
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
New Millennium Mortgage Co. NMLS: 331173 can help you understand closing costs. Call us: (941) 366-5800.
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