"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Buyers & sellers usually negotiate to decide how to share these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the loan. At Alternative Mortgage Group, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We field questions about these costs every day at Alternative Mortgage Group, so please feel free to contact us if you have questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Alternative Mortgage Group, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
TaxesLoan Origination Fee Points — lower your interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Account
Insurance Transfer Taxes & Recording Fees
Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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