"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Buyers & sellers usually negotiate the payment of these closing costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. At Bright Vision Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Soon after you apply for a loan, we will give you the "Loan Estimate" of your closing costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we cannot always estimate costs to the penny. We explain Loan Estimates with buyers almost every day, so we are happy to answer any questions you have about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Credit Report Up-front Interest Payment Escrow Fees TaxesLoan-related costs Points — lower your mortgage interest rate (optional) Appraisal Fee Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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