Every home sale incurs certain costs. Sellers and buyers usually split these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. Since MidTowne Mortgage has extensive experience with closings & mortgages, we often explain the details of closing costs.
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. Please note that while our GFEs are very accurate, we cannot always estimate costs to the penny. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
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 MidTowne Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Escrow Fees Various TaxesLoan-related costs Points — lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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