Certain standard costs are related to closing the sale of a home. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the closing costs result from getting your mortgage loan. At Pinnacle Lending Group, Inc., we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.
Below is a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Appraisal Costs Getting Your Credit Report Interest Payment Escrow Fees TaxesCosts related to "originating" your loan Points — A fee paid to lower your interest rate (optional)
Insurance Transfer Taxes & Recording Fees
Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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