Don't Forget Closing Costs
"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Sellers and buyers almost always negotiate to decide how to share these closing costs.
As indicated below, many of the closing 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 closing costs related to your mortgage in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Very shortly after you submit your application, we'll give you the "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Loan Estimate (LE) and closing. We handle questions about these costs every day at New Millennium Mortgage Co. NMLS: 331173, so please feel free to contact us if you have questions.
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 will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Interest Payment
- Escrow Account
- Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Pulling YourCredit Report
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
New Millennium Mortgage Co. NMLS: 331173 can answer questions about these closing costs. Give us a call at (941) 366-5800.