All residential real estate transactions incurs certain fixed costs. Buyers and sellers almost always split these costs, as specified in the sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting a loan. Since America's Money Source has extensive experience with closings and mortgages, we often explain the details of closing costs.
Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on America's Money Source's experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We go over LEs with buyers every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we will 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'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Recording Fees and Transfer Taxes
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At America's Money Source, we answer questions about closing costs every day. Give us a call at 4078987559.