What are Closing Costs?
"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers and buyers often negotiate these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since The Elite Lending Team at Milestone Mortgage Corporation has extensive experience with closings and mortgages, we can help you understand your closing costs.
Loan Estimate (Also known as the LE)
Soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. This cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We field buyers' questions about these costs every day at The Elite Lending Team at Milestone Mortgage Corporation, so please feel free to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your 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
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
The Elite Lending Team at Milestone Mortgage Corporation can help you understand closing costs. Give us a call: 561-373-4149.