What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved in the sale of a house. Sellers & buyers usually negotiate to decide how to split these costs.
As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. Since New Millennium Mortgage Co. NMLS: 331173 is highly experienced with closings & mortgages, we are closing cost experts.
Loan Estimate (Also known as the LE)
Buyers will receive 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 our experience with mortgage loans, but costs often change by small amounts between the LE and closing. We answer questions about these costs every day at New Millennium Mortgage Co. NMLS: 331173, so don't hesitate to ask if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your application. At New Millennium Mortgage Co. NMLS: 331173, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
At New Millennium Mortgage Co. NMLS: 331173, we answer questions about closing costs every day. Call us at (941) 366-5800.