There are certain standard costs related to closing the sale of a home. Buyers and sellers customarily share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. At Pacificwide Lending, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Very soon after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on Pacificwide Lending's experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We review Loan Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Costs related to "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees Various Taxes Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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