"Closing Costs" are the fees that cover the various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the costs result from getting your mortgage loan. Since The Mortgage Firm - Team Meyers has extensive experience with closings & mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at the closing table.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Escrow Fees TaxesLoan Origination Fee Points — lower your interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment
Transfer Taxes & Recording Fees Insurance
Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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