Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees that pay for various services involved when you sell or buy a house. Sellers and buyers negotiate to decide how to split these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting a loan. Since The Elite Lending Team at Milestone Mortgage Corporation is highly experienced with mortgages & closings, we can help you understand your closing costs.
Loan Estimates (LEs)
Very shortly after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We handle buyers' questions about these costs every day at The Elite Lending Team at Milestone Mortgage Corporation, so don't hesitate to contact us if you have questions.
Below you'll find a generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Getting YourCredit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
The Elite Lending Team at Milestone Mortgage Corporation can help you understand closing costs. Call us at 561-373-4149.