Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Sellers & buyers usually negotiate to decide how to split these costs.
As the list below indicates, many of the closing costs result from getting your mortgage. Since The Elite Lending Team at Milestone Mortgage Corporation is highly experienced with mortgages and closings, we can help you understand your closing costs.
The Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate is based on our past experience. Please note that while our LEs are very precise, we can't always estimate costs to the penny. We review Loan Estimates with buyers 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, soon after you complete 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
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Recording Fees & Transfer Taxes
- 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 at 561-373-4149.