"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Buyers & sellers usually negotiate these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. Since Nationwide Home Loans is highly experienced with mortgages & closings, we are closing cost experts.
Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We go over LEs with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide you with 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 Getting Your Credit Report Interest Payment Escrow Fees Various Taxes Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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