How do Closing Costs Work?

There are certain standard costs related to closing the sale of a home. Buyers and sellers almost always split these costs, as specified in the sales contract.

As you'll see below, many of the costs result from getting your mortgage. Since New Millennium Mortgage Co. NMLS: 331173 is highly experienced with closings & mortgages, we are closing cost experts.

Loan Estimates (LEs)

Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We explain Loan Estimates with buyers almost 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 a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance if applicable

New Millennium Mortgage Co. NMLS: 331173 can answer questions about these closing costs. Give us a call: (941) 366-5800.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question