Closing Costs for Home Real Estate Transactions
There are certain standard costs related to closing the sale of a house. Sellers and buyers usually share these costs, as the sales contract specifies.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. Since New Millennium Mortgage Co. NMLS: 331173 has extensive experience with closings & mortgages, we are closing cost experts.
The Loan Estimate (LE)
Buyers will get 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 vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
Below you'll find a generic list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
New Millennium Mortgage Co. NMLS: 331173 can answer questions about these closing costs. Give us a call: (941) 366-5800.
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