"Closing Costs" are the fees that cover various services involved when you sell or buy a house. Sellers and buyers negotiate to decide how to share these closing costs.
Many of the closing costs associated with buying a house are associated with getting the loan. Since Dayspring Bank has extensive experience with mortgages & closings, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We go over Loan Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Dayspring Bank, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Loan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees Various Taxes Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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