"Closing Costs" are the fees that cover various services involved in the sale of a house. Buyers & sellers often negotiate the payment of these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting a loan. Since Dayspring Bank has extensive experience with closings & mortgages, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. Please note that while our LEs are very precise, we cannot always estimate your closing costs to the penny. We go over LEs with buyers every day, so we will be happy to answer your questions about closing costs.
Below you'll find a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Getting YourCredit Report Up-front Interest Payment Escrow Fees Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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