"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Sellers and buyers usually negotiate the payment of these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Bright Vision Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related 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 specified in the Loan Estimate are estimated based on Bright Vision Mortgage's experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We explain LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Pulling YourCredit Report Up-front Interest Payment Escrow Account TaxesCosts related to "originating" your loan Points — A fee paid to lower your interest rate (optional) Appraisal Costs Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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