All residential real estate transactions incurs costs. Sellers and buyers almost always share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Nationwide Home Loans, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Soon after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on Nationwide Home Loans's experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We go over LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Nationwide Home Loans, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Various TaxesCosts associated with "originating" your loan Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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