What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved when you sell or buy a home. Buyers & sellers almost always negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. Since New Millennium Mortgage Co. NMLS: 331173 is highly experienced with mortgages and closings, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We go over Loan Estimates with buyers almost every day, so we'd be glad to answer your questions 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, very soon after you complete 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
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
New Millennium Mortgage Co. NMLS: 331173 can answer questions about these closing costs. Give us a call at (941) 366-5800.
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