"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Buyers & sellers often negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Nationwide Home Loans, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. The cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very accurate, we cannot always predict your closing costs to the penny. We answer buyers' questions about these costs every day at Nationwide Home Loans, so please feel free to contact us if you have questions.
Below you'll find a general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Account TaxesLoan Origination Fee Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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