"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Sellers & buyers negotiate to decide how to split these closing costs.
Many of the closing costs associated with buying a house are associated with getting the mortgage. Since Abundance Home Mortgage has extensive experience with mortgages and closings, we are closing cost experts.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we can't always estimate your costs to the penny. We review Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At Abundance Home Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Up-front Interest Payment Escrow Fees Various TaxesLoan-related costs Points — lower your mortgage interest rate (optional) Appraisal Fee Pulling YourCredit Report
Insurance Transfer Taxes and Recording Fees
Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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