Closing Costs for Residential Real Estate Transactions
Every home sale incurs certain costs. Sellers and buyers usually share these closing costs, as specified in the sales contract.
As you'll see below, many of the costs result from getting your mortgage loan. Since Michigan United Mortgage, LLC is highly experienced with mortgages and closings, we often explain the details of closing costs.
Loan Estimates (LEs)
Soon after you submit your application, we'll provide you with the "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on Michigan United Mortgage, LLC's experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We explain Loan Estimates with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Michigan United Mortgage, LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Michigan United Mortgage, LLC can help you understand closing costs. Call us: 810-844-2224.