"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers and sellers negotiate these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. At Abbey Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Very soon after you submit your application, we'll give you the "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on Abbey Mortgage's experience with mortgage loans, but costs often vary by small amounts between the LE and closing. We explain Loan Estimates with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
Below you'll find a generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Up-front Interest Payment Escrow Fees Various TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Credit Report
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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