What are Closing Costs?
Certain standard costs are related to closing the sale of a house. Buyers and sellers customarily share these closing costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting a loan. At The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at the closing table.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
At The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, we answer questions about closing costs every day. Call us: 5613734149.