Don't Forget Closing Costs
There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily split these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying a house are associated with getting a loan. Since The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260 is highly experienced with closings & mortgages, we often explain the details of closing costs.
The Loan Estimate (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260's experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We explain LEs with buyers almost every day, so we are happy to answer any questions you have about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your 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
- Escrow Account
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Quake 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.