Closing Costs for Residential Real Estate Transactions
Certain standard costs are associated with closing the sale of a home. Buyers and sellers almost always share these costs, as specified in the sales contract.
As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. Since Sky Apply Mortgage, Inc has extensive experience with closings & mortgages, we can help you understand your closing costs.
Loan Estimate (Also known as the LE)
Soon after you apply for a loan, we'll give you a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on Sky Apply Mortgage, Inc's experience with mortgage loans, but costs usually vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.
Below you'll find a fairly general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Escrow Account
- Recording Fees & Transfer Taxes
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Sky Apply Mortgage, Inc can answer questions about these closing costs. Give us a call: (813) 200-7931.
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