Every home sale incurs certain fixed costs. Sellers and buyers almost always split these closing costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage. Since Americn Hero Mortgage has extensive experience with closings & 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 spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Loan Estimate (LE) and closing. We explain LEs with buyers every day, so we will be happy to answer the you have about closing costs.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Getting Your Credit Report Interest Payment Escrow Account Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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