There are so many different charges involved in buying a home, it is important to know what to expect at settlement. At First Heritage Mortgage, we provide you with a Loan Estimate, which includes an estimate of your itemized closing costs, during the loan application process. Though the settlement company prepares the final set of closing numbers, we try to get as close to this as possible with the Loan Estimate. Please review it so you’ll be familiar with the various costs paid at closing.
There are three basic categories of settlement costs:
Loan Closing Costs
This includes lender fees and points, as well as a host of other charges involved in obtaining and processing your loan.
Tax Closing Costs
This includes fees to state and local governments and fees to establish and transfer ownership of the property.
Insurance Closing Costs
This includes fees from Homeowner’ insurance policies, to fees related to the protection of the buyer and seller via Title insurance.
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