Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers and buyers usually negotiate to decide how to share these costs.
As indicated below, many of the closing costs result from getting your mortgage. At America's Money Source, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always predict closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
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 America's Money Source, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Pulling YourCredit Report
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At America's Money Source, we answer questions about closing costs every day. Give us a call at 4078987559.