"Closing Costs" are the fees which pay for various services involved when you sell or buy residential real estate. Buyers & sellers almost always negotiate to decide how to split these costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the loan. At Triumph Mortgage Inc, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We review Loan Estimates with buyers almost every day, so we are happy to answer the you have about closing costs.
Below is a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-related costs Points — lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Interest Payment Escrow Account Taxes
Recording Fees and Transfer Taxes Insurance
Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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