All residential real estate transactions incurs certain costs. Buyers and sellers almost always share these costs, as specified in the sales contract.
As you'll see below, many of the closing costs result from getting your mortgage loan. At Dayspring Bank, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.
Below you'll find a general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Getting YourCredit Report Interest Payment Escrow Fees TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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