Don't Forget Closing Costs
"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Buyers & sellers often negotiate to decide how to split these costs.
As indicated below, many of the buyer's closing 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 provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimate (LE)
Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we can't always predict 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 these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete 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
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Bright Vision Mortgage can help you understand closing costs. Give us a call at 9043423622.