Certain standard costs are associated with closing the sale of a home. Sellers and buyers customarily split these costs, as the real estate sales contract specifies.
As you'll see below, many of the buyer's costs are related to the costs of getting the loan. Since Bright Vision Mortgage has extensive experience with mortgages & closings, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Bright Vision Mortgage's experience with mortgage loans, but costs often vary a little bit between the LE and closing. We explain LEs with buyers every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your application. At Bright Vision Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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