What are Closing Costs?

"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Sellers and buyers usually negotiate the payment of these costs.

Many of the costs associated with buying a home are associated with getting a loan. Since Bright Vision Mortgage is highly experienced with mortgages and closings, we can help you understand your closing costs.

The Loan Estimate (LE)

Very shortly after you submit your application, we will give you the "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on Bright Vision Mortgage's experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We handle questions about closing costs every day at Bright Vision Mortgage, so please feel free to ask if we can help answer your questions.

Below is a general list of costs for buying a home. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Obtaining YourCredit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan-related costs
  • Points — lower your interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Bright Vision Mortgage can answer questions about these closing costs. Give us a call: (904) 342-3622.

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