"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Sellers and buyers usually negotiate to decide how to share these closing costs.
Many of the costs associated with buying a home are associated with getting the loan. At Bright Vision Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Very soon after you apply for a loan, we will give you the "Loan Estimate" of your 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 can't always estimate closing costs to the penny. We go over Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will 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 will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Costs related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Interest Payment Escrow Account Taxes Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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