Closing Costs for Home Real Estate Transactions
Certain standard costs are associated with closing the sale of a home. Buyers and sellers customarily split 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. Since America's Money Source has extensive experience with closings and mortgages, we often explain the details of closing costs.
The Loan Estimate (LE)
Very shortly after you apply for a loan, we will give you a "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We field buyers' questions about closing costs every day at America's Money Source, so don't hesitate to contact us if we can help answer your questions.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan Origination Fee
- Transfer Taxes and Recording Fees
- Flood / Quake Insurance
- 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.