Certain standard costs are related to closing the sale of a house. Buyers and sellers usually share these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. Since Firelight Mortgage Consultants has extensive experience with closings and mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on the loan officer's past experience. Please note that while our LEs are very precise, we can't always estimate costs to the penny. We go over Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below you'll find a generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Various TaxesLoan-related costs Points — lower your interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Account Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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