Certain standard costs are related to closing the sale of a house. Sellers and buyers almost always share these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Abbey Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, we cannot always estimate your costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Abbey Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-related costs Points — lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees Various Taxes
InsuranceRecording Fees and Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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