How do Closing Costs Work?
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers and sellers almost always negotiate to decide how to split these costs.
As indicated below, many of the buyer's closing costs cover the costs of getting the loan. At New Millennium Mortgage Co. NMLS: 331173, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on our past experience. Please note that while our LEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.
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 loan application. At New Millennium Mortgage Co. NMLS: 331173, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
New Millennium Mortgage Co. NMLS: 331173 can answer questions about these closing costs. Give us a call: (941) 366-5800.