"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage loan. Since Marshall Lending has extensive experience with mortgages & closings, we are closing cost experts.
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 Marshall Lending's experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We answer questions about closing costs every day at Marshall Lending, so don't hesitate to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your 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 Appraisal Costs Pulling Your Credit Report Interest Payment Escrow Account TaxesCosts related to "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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