Closing Costs for Residential Real Estate Transactions
There are certain standard costs associated with closing the sale of a home. Sellers and buyers almost always split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the closing costs result from getting your loan. Since New Millennium Mortgage Co. NMLS: 331173 is highly experienced with mortgages and closings, we are closing cost experts.
Loan Estimates (LEs)
Soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at the closing table.
Below is a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
New Millennium Mortgage Co. NMLS: 331173 can answer questions about these closing costs. Call us: (941) 366-5800.