Certain standard costs are associated with closing the sale of a home. Sellers and buyers usually share these closing costs, as specified in the sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage. Since Selectplus Lending is highly experienced with closings and mortgages, we can help you understand your closing costs.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we cannot always predict your closing costs to the penny. We field questions about these costs every day at Selectplus Lending, so don't hesitate to contact us if we can help answer your questions.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Escrow Account Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance if applicable
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