Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Sellers and buyers often negotiate to determine who will pay different portions of these costs.
As indicated below, many of the costs result from getting your mortgage. Since America's Money Source is highly experienced with closings & mortgages, we can help you understand your closing costs.
The Loan Estimate (Also known as the LE)
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. The closing costs spelled out in the LE are estimated based on America's Money Source's experience with mortgage loans, but costs often change a little bit between the LE and closing. We handle buyers' questions about closing costs every day at America's Money Source, so don't hesitate to contact us if we can help answer your questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At America's Money Source, 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
- Various Taxes
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
America's Money Source can answer questions about these closing costs. Call us at 4078987559.