"Closing Costs" are the fees that cover various services involved when you sell or buy a house. Sellers and buyers almost always negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the loan. At Dayspring Bank, we are highly experienced in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Very soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. The cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we cannot always estimate your costs to the penny. We review LEs with buyers almost every day, so we are happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At Dayspring Bank, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Escrow Account Various TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Obtaining Your Credit Report Interest Payment Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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