"Closing Costs" are the fees that pay for various services involved when you sell or buy a home. Buyers & sellers usually negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying a home are associated with getting a loan. Since Selectplus Lending has extensive experience with closings & mortgages, we often explain the details of closing costs.
Very soon after you submit your application, we will provide you with a "Loan Estimate" of your costs. The closing costs spelled out in the LE are estimated based on Selectplus Lending's experience with mortgage loans, but costs usually vary a little bit between the LE and closing. We field questions about closing costs every day at Selectplus Lending, so please feel free to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your application. At Selectplus Lending, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Appraisal Fee Credit Report Interest Payment Escrow Fees TaxesCosts related to "originating" your loan Points — lower your mortgage interest rate (optional) Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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