Don't Forget Closing Costs
"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Sellers & buyers negotiate the payment of these costs.
As indicated below, many of the closing costs result from getting your mortgage. Since New Millennium Mortgage Co. NMLS: 331173 has extensive experience with mortgages & closings, we often explain the details of closing costs.
Good Faith Estimate (GFE)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the GFE and closing. We review GFEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
New Millennium Mortgage Co. NMLS: 331173 can help you understand closing costs. Call us at (941) 366-5800.
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