Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily share these closing costs, as specified in the sales contract.
Many of the costs associated with buying a house are associated with getting the mortgage. At The Mortgage Firm - Team Meyers, 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".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we cannot always predict your costs to the penny. We answer buyers' questions about closing costs every day at The Mortgage Firm - Team Meyers, so please feel free to contact us if you have questions.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Interest Payment Escrow Account Various Taxes
Insurance Transfer Taxes and Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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