All residential real estate transactions involves costs. Buyers and sellers almost always share these costs, as the sales contract specifies.
Many of the closing costs associated with buying a home are associated with getting the mortgage loan. At The Mortgage Exchange Service LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Very shortly after you submit your application, we'll give you a "Loan Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.
Below is a fairly generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Escrow Fees TaxesCosts associated with "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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