All residential real estate transactions involves certain costs. Buyers and sellers almost always split these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying a home are associated with getting a mortgage. At Yamini Patel, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of closing 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 many years of past experience. It's important to note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We field buyers' questions about these costs every day at Yamini Patel, so please be sure to contact us if we can help answer your questions.
Below you'll find a fairly general list of costs for buying a home. 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 Appraisal Fee Obtaining Your Credit Report Interest Payment Escrow Account Various TaxesLoan Origination Fee Points — lower your mortgage interest rate (optional) Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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