What are Closing Costs?
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers and sellers usually negotiate these costs.
As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. Since New Millennium Mortgage Co. NMLS: 331173 is highly experienced with closings and mortgages, we are closing cost experts.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on New Millennium Mortgage Co. NMLS: 331173's experience with mortgage loans, but costs usually change 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 vary a little bit 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 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 Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Recording Fees and Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At New Millennium Mortgage Co. NMLS: 331173, we answer questions about closing costs every day. Call us at (941) 366-5800.
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