"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Buyers and sellers often negotiate these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. Since Americn Hero Mortgage has extensive experience with closings and mortgages, we often explain the details of closing costs.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.
Below is a general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Costs Getting Your Credit Report Interest Payment Escrow Account Taxes
Recording Fees and Transfer Taxes Insurance
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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