What are Closing Costs?

"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Sellers and buyers usually negotiate to determine who will pay different portions of these closing costs.

As you'll see below, many of the closing costs result from getting your mortgage loan. Since The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260 is highly experienced with mortgages and closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing 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 your costs to the penny. We handle buyers' questions about these costs every day at The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, so please feel free to ask if we can help answer your questions.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Getting YourCredit Report
• Interest Payment
• Escrow Account
• Various Taxes
• Costs associated with "originating" your loan
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Fee

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

• Flood or Quake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance

The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260 can help you understand closing costs. Call us at 5613734149.