Don't Forget Closing Costs

All residential real estate sales involves certain fixed costs. Sellers and buyers customarily share these costs, as the real estate sales contract specifies.

As indicated below, many of the closing costs result from getting your mortgage loan. Since America's Money Source has extensive experience with mortgages & closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always estimate your costs to the penny. We review LEs with buyers almost every day, so we will be happy to answer the you have about closing costs.

Below is a general list of costs for buying a home. We will provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

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

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

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

At America's Money Source, we answer questions about closing costs every day. Call us: 4078987559.