There are certain standard costs related to closing the sale of a home. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying a home are associated with getting the loan. At Dayspring Bank, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around 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 usually change by small amounts between delivery of the LE and closing. We explain Loan Estimates with buyers almost every day, so we will be 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, soon after you have completed your loan 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 Points — A fee paid to lower your interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment Escrow Account TaxesLoan-related costs Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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