Don't Forget Closing Costs

"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate these costs.

As indicated below, many of the closing costs result from getting your mortgage. At America's Money Source, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

The 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 spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We review LEs with buyers almost every day, so we are happy to answer the you have about closing costs.

Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Appraisal Costs
• Pulling Your Credit Report
• Up-front Interest Payment
• Escrow Account
• Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

• Title Insurance
• Flood / Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)

America's Money Source can help you understand closing costs. Call us at 4078987559.