There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always split these closing costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. At The Reen Team at American Pacific Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.
Below you'll find a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Credit Report Up-front Interest Payment Escrow Fees Various TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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