All residential real estate transactions involves certain costs. Sellers and buyers customarily share these costs, as the real estate sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. Since Yamini Patel has extensive experience with mortgages & closings, we are closing cost experts.
Very shortly after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We review Loan Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
Below is a fairly general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees TaxesLoan-related costs Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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