"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers and buyers often negotiate these costs.
As you'll see below, many of the costs result from getting your mortgage loan. At Bright Vision Mortgage, we have extensive experience in 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 at the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we cannot always estimate your costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at the closing table.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your 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 Various TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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