Closing Costs for Home Real Estate Transactions
Every home sale involves costs. Sellers and buyers usually share these costs, as the sales contract specifies.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. At Bright Vision Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Very soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. The cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We handle buyers' questions about closing costs every day at Bright Vision Mortgage, so don't hesitate to contact us if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed 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
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
At Bright Vision Mortgage, we answer questions about closing costs every day. Call us at 9043423622.