"Closing Costs" are the fees that pay for various services involved when you sell or buy a house. Sellers & buyers negotiate to determine who will pay different portions of these costs.
As indicated below, many of the costs result from getting your mortgage loan. Since Bright Vision Mortgage is highly experienced with mortgages & closings, we are closing cost experts.
Very shortly after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We review LEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Escrow Account Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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