What are Closing Costs?
Certain standard costs are related to closing the sale of a house. Buyers and sellers almost always split these costs, as the sales contract specifies.
As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. Since America's Money Source has extensive experience with mortgages & closings, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Buyers get 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. Please note that while our LEs are very precise, we cannot always predict closing costs to the penny. We go over LEs with buyers almost every day, so we are happy to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At America's Money Source, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
America's Money Source can help you understand closing costs. Call us: 4078987559.