"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Buyers & sellers negotiate the payment of these costs.
As the list below indicates, many of the costs result from getting your loan. Since Channel Mortgage LLC is highly experienced with closings and mortgages, we can help you understand your closing costs.
Very shortly after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at closing.
Below is a generic list of costs for buying a home. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Credit Report
InsuranceRecording Fees & Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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