"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate the payment of these closing costs.
As indicated below, many of the closing costs result from getting your loan. At Custom Lending Group, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate is based on our past experience. It's important to note that while our LEs are very precise, we cannot always predict closing costs to the penny. We explain Loan Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Custom Lending Group, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Various TaxesLoan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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