All residential real estate transactions involves certain fixed costs. Sellers and buyers almost always split these costs, as specified in the sales contract.
As indicated below, many of the buyer's costs are related to the costs of getting the mortgage loan. At Selectplus Lending, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Buyers will receive 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 extensive past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We review LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very 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 Credit Report Up-front Interest Payment Escrow Account TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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