"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. At Affirm Home Loans, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We explain LEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees Various TaxesCosts associated with "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional)
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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