Closing Costs
"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Buyers & sellers almost always negotiate the payment of these costs.
As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. At New Millennium Mortgage Co. NMLS: 331173, we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Very shortly after you apply for a loan, we'll give you a "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We go over Loan Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete 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
- Escrow Account
- Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
New Millennium Mortgage Co. NMLS: 331173 can help you understand closing costs. Call us at (941) 366-5800.