How do Closing Costs Work?
All residential real estate sales involves fixed costs. Buyers and sellers usually split these costs, as specified in the sales contract.
Many of the costs associated with buying a home are associated with getting a mortgage. At Mortgage Max Inc, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your application. At Mortgage Max Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Mortgage Max Inc can answer questions about these closing costs. Call us at 760-547-2080.