"Closing Costs" are the fees which cover various services involved in the sale of a home. Sellers and buyers usually negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's costs cover the costs of originating the mortgage loan. At Dayspring Bank, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing 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 specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We field questions about closing costs every day at Dayspring Bank, so don't hesitate to ask if you have questions.
Below you'll find a generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Various TaxesCosts related to "originating" your loan Points — A fee paid to lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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