Certain standard costs are associated with closing the sale of a home. Sellers and buyers almost always split these costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying a home are associated with getting the mortgage loan. At Firelight Mortgage Consultants, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
Below is a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Escrow Account Various TaxesLoan Origination Fee Points — lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment
Recording Fees & Transfer Taxes Insurance
Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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