How do Closing Costs Work?

"Closing Costs" are the fees that cover the various services involved in the sale of a home. Sellers & buyers usually negotiate to decide how to share these closing costs.

As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. Since The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260 is highly experienced with mortgages & closings, we are closing cost experts.

Loan Estimates (LEs)

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 extensive past experience. It's important to note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Escrow Fees
• Various Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Obtaining Your Credit Report
• Interest Payment

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Title Insurance
• Flood or Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)

The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260 can answer questions about these closing costs. Call us at 5613734149.