Every home sale incurs certain costs. Sellers and buyers usually split these closing costs, as the sales contract specifies.
As indicated below, many of the buyer's costs cover the costs of originating the loan. Since AmeriBest Mortgage has extensive experience with mortgages & closings, 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 LE are estimated based on our experience with mortgage loans, but costs usually change a little bit 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 sometimes change slightly at closing.
Below you'll find a general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Account Various TaxesLoan-related costs Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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