"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers & buyers almost always negotiate to determine who will pay different portions of these closing costs.
Many of the closing costs associated with buying a house are associated with getting a loan. At Nationwide Home Loans, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We explain LEs 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 will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Nationwide Home Loans, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Escrow Account TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Getting Your Credit Report Interest Payment Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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