"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Sellers & buyers almost always negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. Since Custom Lending Group is highly experienced with closings & mortgages, we can help you understand your closing costs.
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 accurate, we cannot always predict closing costs to the penny. We go over LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below is a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
TaxesLoan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Obtaining Your Credit Report Up-front Interest Payment Escrow Fees
Recording Fees and Transfer Taxes Insurance
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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