"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Sellers and buyers negotiate to decide how to split these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Channel Mortgage LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Very soon after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We field questions about closing costs every day at Channel Mortgage LLC, so don't hesitate to ask if you have questions.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Fees
InsuranceRecording Fees and Transfer Taxes
Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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