Every home sale incurs certain fixed costs. Buyers and sellers customarily share these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the buyer's costs are related to the costs of getting the loan. Since Southwest Funding #841Company NMLS # 303440 is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate comes out of our past experience. Please note that while our LEs are very precise, we cannot always predict your costs to the penny. We handle questions about closing costs every day at Southwest Funding #841Company NMLS # 303440, so please be sure to ask if you have questions.
Below you'll find a fairly generic list of costs for buying a home. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Obtaining Your Credit Report Up-front Interest Payment Escrow Account Various Taxes Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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