Don't Forget Closing Costs
"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Buyers & sellers often negotiate to decide how to split these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the mortgage loan. Since America's Money Source is highly experienced with mortgages & closings, we are closing cost experts.
Loan Estimate (Also known as the LE)
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at closing.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very 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
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
America's Money Source can answer questions about these closing costs. Call us at 4078987559.