Closing Costs for Residential Real Estate Transactions
Leading Edge Mortgage Corp. can help you understand closing costs. Call us: (561) 392-0040.
All residential real estate sales involves certain fixed costs. Buyers almost always pay these costs, as specified in the real estate sales contract, however, depending on State law the seller may be required to pay a portion of the closing costs. "Closing Costs" are the fees that cover various services involved in the sale of residential real estate. These fees can be paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. Since Leading Edge Mortgage Corp. has extensive experience with closings and mortgages, we are closing cost experts.
The Loan Estimate
Buyers will receive a Loan Estimate within three days from when the loan application is submitted to the lender. The Loan Estimate provides you with information like insurance and taxes, closing costs, monthly payments and more. This estimate is not an approval, but it's the first step toward securing your loan.
We answer buyers' questions about closing costs every day at Leading Edge Mortgage Corp., so don't hesitate to ask if we can help answer your questions.
Below is a fairly general list of costs for buying a home. We will provide a specific list of your closing costs when we give you an estimate.
Standard Closing CostsLoan-Related Costs
- Getting YourCredit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Shopping for a mortgage loan? We'll be glad to talk about our many mortgage solutions! Call us at (561) 392-0040. Ready to begin? Apply Here