What are Closing Costs?
"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Buyers and sellers negotiate to determine who will pay different portions of these costs.
Many of the closing costs associated with buying a house are associated with getting the mortgage loan. Since Primemax Mortgage Group, NMLS#195523 has extensive experience with mortgages & closings, we can help you understand your closing costs.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Primemax Mortgage Group, NMLS#195523's experience with mortgage loans, but costs often change a little bit between the Loan Estimate (LE) and closing. We field questions about closing costs every day at Primemax Mortgage Group, NMLS#195523, so please feel free to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Primemax Mortgage Group, NMLS#195523, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
Property Taxes
- Insurance
- Transfer Taxes & Recording Fees
Homeowners Insurance
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Primemax Mortgage Group, NMLS#195523 can help you understand closing costs. Give us a call at 2565439211.