Certain standard costs are related to closing the sale of a house. Buyers and sellers usually split these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying a house are associated with getting the mortgage. Since Abundance Home Mortgage has extensive experience with mortgages & closings, we can help you understand your closing costs.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, we cannot always predict closing costs to the penny. We handle buyers' questions about these costs every day at Abundance Home Mortgage, so please feel free to ask if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Abundance Home Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan
Insurance Transfer Taxes and Recording Fees
Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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