Every home sale involves fixed costs. Sellers and buyers almost always split these closing costs, as the real estate sales contract specifies.
Many of the costs associated with buying a house are associated with getting the mortgage. At The Mortgage Partner, we are highly experienced in mortgage lending, so we can compile a comprehensive list of 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. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We answer buyers' questions about closing costs every day at The Mortgage Partner, so please feel free to contact us if we can help answer your questions.
Below is a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Credit Report Interest Payment Escrow Account Various TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee
Insurance Transfer Taxes and Recording Fees
Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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