All residential real estate transactions involves certain fixed costs. Sellers and buyers usually split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Dayspring Bank is highly experienced with closings and mortgages, 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 cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We explain LEs with buyers every day, so we are happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your loan 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 Up-front Interest Payment Escrow Account Various TaxesCosts associated with "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Fee Credit Report Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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