"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Sellers and buyers negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. At Wires of Energy, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Buyers 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 Wires of Energy's experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at closing.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Wires of Energy, 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 Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Fees Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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