Your Closing Costs
"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Sellers and buyers almost always negotiate to determine who will pay different portions of these closing costs.
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 & mortgages, we can help you understand your closing costs.
The Loan Estimate (LE)
Very shortly after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. This 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 predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
Below is a general list of costs for buying a home. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Escrow Fees
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
America's Money Source can help you understand closing costs. Call us: 4078987559.