"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Buyers & sellers usually negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. Since Bright Vision Mortgage has extensive experience with closings & mortgages, we are closing cost experts.
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 our experience with mortgage loans, but costs often change a little bit between the LE and closing. We review LEs with buyers every day, so we will be happy to answer any questions you have about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your 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 Loan-related costs Points — lower your interest rate (optional) Appraisal Costs Pulling Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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