Every home sale involves certain fixed costs. Sellers and buyers usually split these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. Since Nationwide Home Loans is highly experienced with closings and mortgages, we are closing cost experts.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
Below is a generic list of costs for buying residential real estate. 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 Various TaxesCosts related to "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Getting Your Credit Report Interest Payment Escrow Fees Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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