"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Sellers & buyers almost always negotiate the payment of these closing costs.
As you'll see below, many of the buyer's costs cover the costs of getting the loan. At Channel Mortgage LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Channel Mortgage LLC's experience with mortgage loans, but costs often change a little bit between the LE and closing. We go over LEs with buyers every day, so we will be happy to answer any questions you have about closing costs.
Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Escrow Account TaxesCosts associated with "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment
Insurance Transfer Taxes & Recording Fees
Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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