"Closing Costs" are the fees that pay for various services involved when you sell or buy a house. Buyers and sellers often negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Marshall Lending, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always predict your closing costs to the penny. We field questions about these costs every day at Marshall Lending, so please be sure to ask if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Marshall Lending, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees Various TaxesLoan-related costs Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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