What are Closing Costs?
There are certain standard costs associated with closing the sale of a house. Sellers and buyers customarily share these costs, as the real estate sales contract specifies.
Many of the costs associated with buying a home are associated with getting the mortgage 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)
Very soon after you submit your application, we will give you the "Loan Estimate" of your costs. 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 the LE and closing. We answer buyers' questions about these costs every day at America's Money Source, so please feel free to ask if we can help answer your questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, 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
Loan-Related Costs
- Escrow Fees
- Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
America's Money Source can answer questions about these closing costs. Call us: 4078987559.