"Closing Costs" are the fees which pay for various services involved in the sale of a house. Sellers & buyers often negotiate the payment of these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting a loan. At Abbey Mortgage, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We go over LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Obtaining Your Credit Report Up-front Interest Payment Escrow Fees Taxes
Transfer Taxes and Recording Fees Insurance
Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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