Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers & buyers usually negotiate to decide how to share these costs.
Many of the closing costs associated with buying residential real estate are associated with getting a loan. Since New Millennium Mortgage Co. NMLS: 331173 has extensive experience with mortgages and closings, we are closing cost experts.
Loan Estimates (LEs)
Very soon after you submit your application, we will provide you with a "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We go over Loan Estimates with buyers almost every day, so we are happy to answer any questions you have about closing costs.
Below you'll find a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Recording Fees & 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. Call us: (941) 366-5800.
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