What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Sellers and buyers usually negotiate to determine who will pay different portions of these closing costs.

As you'll see below, many of the closing costs result from getting your loan. At The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, we are highly experienced in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always predict costs to the penny. We field buyers' questions about closing costs every day at The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, so don't hesitate to ask if you have questions.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Credit Report
• Up-front Interest Payment
• Escrow Account
• Taxes
• Costs associated with "originating" your loan

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Earthquake Insurance

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