Certain standard costs are associated with closing the sale of a house. Sellers and buyers almost always share these costs, as specified in the sales contract.
As indicated below, many of the costs result from getting your mortgage loan. At AmeriBest Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We go over LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Account Various TaxesLoan-related costs 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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