Your Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Sellers & buyers negotiate the payment of these closing costs.
As you'll see below, many of the costs result from getting your mortgage. At Mario Vega, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on Mario Vega's experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We review LEs with buyers every day, so we are happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Mario Vega, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
Mario Vega can answer questions about these closing costs. Call us: 877-310-6200.
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