Certain standard costs are associated with closing the sale of a home. Sellers and buyers customarily share these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting the mortgage loan. At Queen City Mortgage Company, LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.
Below is a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Costs associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees Various Taxes
Transfer Taxes and Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance if applicable
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