Don't Forget Closing Costs
"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Sellers & buyers negotiate to determine who will pay different portions of these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. At America's Money Source, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. This cost estimate is based on our past experience. Please note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.
Below is a general list of costs for buying a home. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
America's Money Source can help you understand closing costs. Give us a call at 4078987559.