"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers & buyers almost always negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Milestone Mortgage a Division of The Mortgage Company, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always predict your closing costs to the penny. We review Good Faith Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below is a general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Various TaxesCosts related to "originating" your loan Points — lower your interest rate (optional) Appraisal Fee Getting Your Credit Report Interest Payment Escrow Account
Transfer Taxes and Recording Fees Insurance
Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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