About Closing Costs
"Closing Costs" are the fees that cover various services involved in the sale of a house. Sellers and buyers negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At The Elite Lending Team at Milestone Mortgage Corporation, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at closing.
Below you'll find a fairly general list of costs for buying a home. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
The Elite Lending Team at Milestone Mortgage Corporation can answer questions about these closing costs. Call us at 561-373-4149.