How do Closing Costs Work?

Every home sale incurs certain costs. Sellers and buyers customarily share these closing costs, as specified in the real estate sales contract.

Many of the closing costs associated with buying a home are associated with getting a mortgage loan. At America's Money Source, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

Loan Estimate (LE)

Soon after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. This cost estimate is based on our past experience. Please note that while our LEs are very accurate, we can't always estimate your costs to the penny. We handle questions about these costs every day at America's Money Source, so please be sure to contact us if you have questions.

Below is a generic list of costs for buying a home. 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 Fees
• Taxes
• Loan-related costs
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Costs
• Pulling YourCredit Report

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

• Title Insurance
• Flood or Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)

At America's Money Source, we answer questions about closing costs every day. Call us: 4078987559.