How do Closing Costs Work?
The Elite Lending Team at Inlet Mortgage Corporation can answer questions about these closing costs. Call us: 561-575-5626.
There are certain standard costs associated with closing the sale of a home. Buyers customarily pay these costs, as specified in the real estate sales contract, however, depending on the contract the seller may be required to pay a portion of the closing costs.
"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. These fees might be paid out of pocket or indirectly by crediting the loan.
As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. Since The Elite Lending Team at Inlet Mortgage Corporation is highly experienced with mortgages & closings, we are closing cost experts.
Getting The Loan Estimate
Buyers will receive a Loan Estimate within three days from when the loan application is submitted to the lender. The Loan Estimate provides you with information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward getting your loan.
We go over estimates with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At The Elite Lending Team at Inlet Mortgage Corporation, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Getting YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
Searching for a loan? We'd be thrilled to discuss our mortgage offerings! Call us at 561-575-5626. Ready to begin? Apply Online Now