There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily share these closing costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At Price Mortgage Group LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage 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 cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Fee Getting Your Credit Report Interest Payment Escrow Account Various TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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