"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Sellers & buyers negotiate the payment of these closing costs.
As indicated below, many of the buyer's costs cover the costs of getting the loan. Since Pacificwide Lending is highly experienced with closings and mortgages, we often explain the details of closing costs.
Very shortly after you apply for a loan, 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 vary by small amounts between the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers almost every day, so we are happy to answer the you have about closing costs.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Up-front Interest Payment Escrow Account Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Getting YourCredit Report Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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