All residential real estate transactions involves certain costs. Sellers and buyers customarily split these closing costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your loan. At Bright Vision Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs 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 LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at the closing table.
Below is a fairly general 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 Appraisal Fee Credit Report Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — lower your mortgage interest rate (optional) Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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