"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers & buyers negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the costs result from getting your mortgage. Since Custom Lending Group is highly experienced with mortgages & closings, we often explain the details of closing costs.
Buyers will 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 extensive past experience. It's important to note that while our LEs are very accurate, we cannot always predict costs to the penny. We answer buyers' questions about closing costs every day at Custom Lending Group, so please feel free to ask if we can help answer your questions.
Below is a generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Various TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Escrow Fees
Insurance Transfer Taxes & Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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