"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Buyers and sellers often negotiate to decide how to split these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage loan. Since Bright Vision Mortgage has extensive experience with mortgages and closings, we can help you understand your closing costs.
Very soon after you submit your application, we will provide you with the "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We go over LEs with buyers every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll give 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 Loan-Related Costs Escrow Fees TaxesCosts associated with "originating" your loan Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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