All residential real estate sales involves certain fixed costs. Buyers and sellers usually split these costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At AmeriBest Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Soon after you submit your application, we'll give you a "Loan Estimate" of your closing costs. This cost estimate is based on the loan officer's past experience. Please note that while our LEs are very precise, we can't always estimate closing costs to the penny. We handle buyers' questions about closing costs every day at AmeriBest Mortgage, so please be sure to contact us if you have questions.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs TaxesLoan Origination Fee Points — lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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