"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Buyers and sellers almost always negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage loan. At Bright Vision Mortgage, we are highly experienced in residential mortgage lending, so we can compile 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 enumerated in the Loan Estimate are estimated based on Bright Vision Mortgage's experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed 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 Loan-Related Costs Escrow Fees TaxesCosts associated with "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Interest Payment Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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