What are Closing Costs?
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers and sellers often negotiate to decide how to split these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. Since Primemax Mortgage Group, NMLS#195523 has extensive experience with mortgages & closings, we are closing cost experts.
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on Primemax Mortgage Group, NMLS#195523's experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, 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 will be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
Primemax Mortgage Group, NMLS#195523 can answer questions about these closing costs. Give us a call: 2565439211.