All residential real estate sales incurs certain costs. Sellers and buyers almost always share these closing costs, as the sales contract specifies.
As the list below indicates, many of the costs result from getting your mortgage. Since Custom Lending Group is highly experienced with mortgages and closings, 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. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between the Loan Estimate (LE) and closing. We go over LEs with buyers every day, so we are happy to answer your questions about closing costs.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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