"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Buyers and sellers often negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. Since MortgageZ LLC has extensive experience with mortgages & closings, we often explain the details of closing costs.
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. This cost estimate comes out of our past experience. It's important to note that while our LEs are very precise, we can't always predict your closing costs to the penny. We explain LEs with buyers every day, so we will be happy to answer your questions about closing costs.
Below you'll find a general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Credit Report Up-front Interest Payment Escrow Fees Various TaxesLoan-related costs Points — lower your interest rate (optional) Appraisal Fee Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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