Don't Forget Closing Costs
"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Buyers & sellers negotiate the payment of these costs.
As indicated below, many of the buyer's costs are related to the costs of getting the mortgage loan. Since America's Money Source has extensive experience with mortgages & closings, we often explain the details of closing costs.
Loan Estimates (LEs)
Very shortly after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.
We've provided a general list of closing costs below, but we'll provide 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
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
America's Money Source can help you understand closing costs. Give us a call: 4078987559.