"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Buyers & sellers almost always negotiate to decide how to split these costs.
As you'll see below, many of the closing costs result from getting your mortgage loan. At Custom Lending Group, we have extensive experience in residential mortgage lending, so we can provide you with 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. This closing cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at closing.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your application. At Custom Lending Group, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Appraisal Costs Pulling Your Credit Report Up-front Interest Payment Escrow Account TaxesLoan-related costs Points — lower your interest rate (optional)
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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