"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Sellers & buyers often negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. Since The Reen Team at Direct Mortgage Funding has extensive experience with closings and mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on The Reen Team at Direct Mortgage Funding's experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We go over LEs with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At The Reen Team at Direct Mortgage Funding, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Costs associated with "originating" your loan Points — lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Various Taxes Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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