Certain standard costs are related to closing the sale of a house. Sellers and buyers usually split these costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. At The Mortgage House, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We explain Loan Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At The Mortgage House, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Obtaining YourCredit Report Up-front Interest Payment Escrow Account Various TaxesCosts related to "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Fee
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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