How do Closing Costs Work?
All residential real estate sales incurs certain costs. Sellers and buyers usually share these closing costs, as specified in the real estate sales contract.
As indicated below, many of the closing costs result from getting your mortgage loan. Since The Elite Lending Team at Milestone Mortgage Corporation has extensive experience with closings and mortgages, we are closing cost experts.
Loan Estimates (LEs)
Soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on The Elite Lending Team at Milestone Mortgage Corporation's experience with mortgage loans, but costs often change by small amounts between the LE and closing. We go over LEs with buyers every day, so we'd be glad to answer the you have about closing costs.
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 complete your loan application. At The Elite Lending Team at Milestone Mortgage Corporation, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
The Elite Lending Team at Milestone Mortgage Corporation can answer questions about these closing costs. Give us a call at 561-373-4149.