All residential real estate sales incurs fixed costs. Buyers and sellers almost always share these closing costs, as the real estate sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. At Bright Vision Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Very soon after you apply for a loan, we'll provide you with the "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on Bright Vision Mortgage's experience with mortgage loans, but costs usually vary a little bit between delivery of the GFE and closing. We go over GFEs with buyers almost every day, so we are happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Bright Vision Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment Escrow Account Various TaxesLoan Origination Fee
Transfer Taxes and Recording Fees Insurance
Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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