About Closing Costs
"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers & sellers often negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At New Millennium Mortgage Co. NMLS: 331173, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Very soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on New Millennium Mortgage Co. NMLS: 331173's experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very 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'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
New Millennium Mortgage Co. NMLS: 331173 can help you understand closing costs. Give us a call at (941) 366-5800.