About Closing Costs
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers & buyers usually negotiate the payment of these closing costs.
As indicated below, many of the closing costs result from getting your mortgage loan. At America's Money Source, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
The 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. The closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We field buyers' questions about these costs every day at America's Money Source, so please feel free to ask if you have questions.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
America's Money Source can help you understand closing costs. Call us at 4078987559.