Every home sale incurs certain fixed costs. Buyers and sellers usually split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the closing costs result from getting your loan. At Abbey Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at closing.
Below is a fairly generic list of costs for buying a home. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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