There are certain standard costs related to closing the sale of a home. Buyers and sellers usually share these costs, as specified in the sales contract.
As indicated below, many of the buyer's costs cover the costs of originating the loan. Since The Mortgage Exchange Service LLC has extensive experience with mortgages and closings, we often explain the details of closing costs.
Soon after you submit your application, we will provide you with a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on The Mortgage Exchange Service LLC's experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Various TaxesLoan Origination Fee Points — lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees
Insurance Transfer Taxes & Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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