"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Sellers and buyers negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. At Rick Brown, Elite Financing Group, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on 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 predict your closing costs to the penny. We answer questions about closing costs every day at Rick Brown, Elite Financing Group, so don't hesitate to ask if we can help answer your questions.
Below you'll find a generic list of costs for buying a home. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Various TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Account
Recording Fees and Transfer Taxes Insurance
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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