"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers & buyers negotiate the payment of these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage. At First State Bank, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Very soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. This closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always predict costs to the penny. We field buyers' questions about these costs every day at First State Bank, so please be sure to contact us if we can help answer your questions.
Below you'll find a fairly general list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees TaxesLoan Origination Fee
Insurance Transfer Taxes & Recording Fees
Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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