How do Closing Costs Work?

Certain standard costs are related to closing the sale of a house. Buyers and sellers usually share these closing costs, as specified in the real estate sales contract.

Many of the costs associated with buying a house are associated with getting a mortgage loan. At The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, we are highly experienced in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. Please note that while our LEs are very precise, we can't always predict your costs to the penny. We go over LEs with buyers almost every day, so we are happy to answer the you have about closing costs.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, 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

• Escrow Account
• Taxes
• Loan Origination Fee
• Points — lower your mortgage interest rate (optional)
• Appraisal Costs
• Credit Report
• Up-front Interest Payment

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Earthquake Insurance if applicable

At The Elite Lending Team at Milestone Mortgage Corporation
NMLS# 133260, we answer questions about closing costs every day. Call us at 5613734149.