"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Sellers & buyers negotiate these closing costs.
Many of the costs associated with buying a house are associated with getting a mortgage loan. At MortgageZ LLC, we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We go over LEs with buyers almost every day, so we are happy to answer your questions about closing costs.
Below is a general list of costs for buying a home. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — lower your interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Account TaxesCosts related to "originating" your loan Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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