All residential real estate transactions involves certain fixed costs. Sellers and buyers almost always split these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. Since The Reen Team at Direct Mortgage Funding has extensive experience with mortgages and closings, we are closing cost experts.
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 Loan Estimate are estimated based on The Reen Team at Direct Mortgage Funding's experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At The Reen Team at Direct Mortgage Funding, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Interest Payment Escrow Fees TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Fee Getting YourCredit Report
Insurance Transfer Taxes & Recording Fees
Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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