"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since The Reen Team at Direct Mortgage Funding is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We answer buyers' questions about closing costs every day at The Reen Team at Direct Mortgage Funding, so please be sure to contact us if we can help answer your questions.
Below is a fairly generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Up-front Interest Payment Escrow Fees Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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