Closing costs you should expect

There are certain expected expenses associated with closing the sale of a house. These expenses are usually divided between the buyer and seller, as directed in the sales contract. Many are universal, but there are nuances to each, so you'll want a real estate expert in New Mexico to help guide you through your deal.

Loan-related closing costs    (Click here for more information)

  • Points (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account

At closing, the following taxes are usually collected    (Click here for more information)

  • Property Taxes
  • Transfer Taxes and Recording Fees

At closing, these fees are often due    (Click here for more information)

  • Homeowners Insurance
  • Flood or Quake Insurance (optional)
  • Private Mortgage Insurance (PMI) (optional)
  • Title Insurance

Sellers: As we negotiate your transaction, I'll not only work to get the very best sales price, but I'll also campaign for limited closing costs. And once we've come to an agreement, I'll describe in detail the closing costs so you are aware of exactly where your money is going.

Buyers: If you are buying a property in Quay County, you will receive a "Loan Estimate" (LE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's prior experience and is required to be within a tolerable range so you're not shocked when you reach closing time. I'll be glad to review the LE with you, answering your questions and highlighting any estimates that are uncertain.

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