Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees that cover the various services involved when you sell or buy a home. Sellers & buyers often negotiate to determine who will pay different portions of these costs.
Many of the costs associated with buying residential real estate are associated with getting a loan. At The Elite Lending Team at Milestone Mortgage Corporation, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we cannot always estimate costs to the penny. We handle questions about these costs every day at The Elite Lending Team at Milestone Mortgage Corporation, so please be sure to ask if you have questions.
Below you'll find a fairly general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Escrow Fees
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
The Elite Lending Team at Milestone Mortgage Corporation can answer questions about these closing costs. Call us: 561-373-4149.