Don't Forget Closing Costs
"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Sellers & buyers often negotiate the payment of these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At The Elite Lending Team at Milestone Mortgage Corporation, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We field buyers' questions about these costs every day at The Elite Lending Team at Milestone Mortgage Corporation, so don't hesitate to ask if we can help answer your questions.
Below you'll find a fairly general 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
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
The Elite Lending Team at Milestone Mortgage Corporation can answer questions about these closing costs. Call us: 561-373-4149.