Don't Forget Closing Costs
"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Sellers & buyers often negotiate to determine who will pay different portions of these costs.
Many of the closing costs associated with buying a house are associated with getting a loan. Since America's Money Source has extensive experience with closings and mortgages, we are closing cost experts.
Loan Estimate (Also known as the LE)
Buyers will receive a "Loan Estimate" of closing costs around 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 often change a little bit between delivery of the LE and closing. We field buyers' questions about these costs every day at America's Money Source, so don't hesitate to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete 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
Loan-Related Costs
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
America's Money Source can answer questions about these closing costs. Give us a call: 4078987559.