"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers and sellers usually negotiate these costs.
As indicated below, many of the closing costs result from getting your mortgage loan. At America's Money Source, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around 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 usually change by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at closing.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your loan 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
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
At America's Money Source, we answer questions about closing costs every day. Give us a call: 4078987559.