How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. Sellers and buyers negotiate the payment of these costs.

As the list below indicates, many of the costs result from getting your mortgage loan. Since The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260 has extensive experience with mortgages & closings, we often explain the details of closing costs.

Loan Estimate (Also known as the LE)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often change a little bit between the Loan Estimate (LE) and closing. We explain LEs with buyers every day, so we are happy to answer your questions about closing costs.

Below is a general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

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

Property Taxes

• Insurance
• Transfer Taxes and Recording Fees

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Quake Insurance if applicable

The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260 can help you understand closing costs. Give us a call: 5613734149.