All residential real estate sales incurs certain fixed costs. Buyers and sellers usually share these costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting a loan. At Carter Financial Solutions, 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".
The Loan Estimate (LE)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we cannot always predict your closing costs to the penny. We explain Loan Estimates with buyers every day, so we will be happy to answer any questions you have about closing costs.
Below you'll find a general list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Carter Financial Solutions can answer questions about these closing costs. Call us at 866-840-8745 x2.
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