Closing Costs for Residential Real Estate Transactions
Every home sale incurs fixed costs. Buyers and sellers almost always split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since America's Money Source has extensive experience with mortgages & closings, we can help you understand your closing costs.
Loan Estimate (Also known as the LE)
Very shortly after you apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at closing.
Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Up-front Interest Payment
- Escrow Account
- Taxes
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
America's Money Source can help you understand closing costs. Give us a call: 4078987559.