Closing Costs for Residential Real Estate Transactions

Certain standard costs are associated with closing the sale of a home. Buyers almost always pay these closing costs, as specified in the real estate sales contract, however, depending on the contract the seller may have to split some of the closing costs. "Closing Costs" are the fees that cover various services involved when you sell or buy a house. These fees are either paid directly or indirectly by crediting the loan.

As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Miles Funding, LLC, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your estimate.

Getting The Loan Estimate

Three days after you submit your application, we'll provide you with a Loan Estimate. The Loan Estimate gives you information like estimated interest rates, payments and fees, closing costs and more. This estimate is not an approval, rather it's the first step toward getting your loan.

We review estimates with buyers almost every day, so we are happy to answer your questions about closing costs.

Below you'll find a fairly general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

• Loan Origination Fee
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Fee
• Pulling Your Credit Report
• Up-front Interest Payment
• Escrow Account

• Insurance
• Recording Fees & Transfer Taxes

• Flood / Quake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance