Closing Costs
"Closing Costs" are the fees which cover various services involved in the sale of a home. Sellers and buyers usually negotiate the payment of these costs.
As the list below indicates, many of the costs result from getting your mortgage loan. At New Millennium Mortgage Co. NMLS: 331173, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
The Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very accurate, we can't always estimate your costs to the penny. We answer questions about these costs every day at New Millennium Mortgage Co. NMLS: 331173, so please feel free to contact us if we can help answer your questions.
Below is a fairly generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Getting YourCredit Report
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
At New Millennium Mortgage Co. NMLS: 331173, we answer questions about closing costs every day. Give us a call: (941) 366-5800.