There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying a house are associated with getting the mortgage. At Wize Mortgage LLC, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Very soon after you apply for a loan, we'll give you a "Loan Estimate" of your costs. This cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We review Loan Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below is a fairly general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Costs associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Pulling Your Credit Report Up-front Interest Payment Escrow Fees Taxes Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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