"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the loan. At Affirm Home Loans, we are highly experienced in mortgage lending, so we can provide you with 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. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We explain Loan Estimates with buyers every day, so we will be happy to answer the you have about closing costs.
Below you'll find a generic list of costs for buying a home. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan
Recording Fees and Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance if applicable
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