What are Closing Costs?
"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers & buyers usually negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the costs result from getting your mortgage. Since Professional Choice Mortgage is highly experienced with closings & mortgages, we are closing cost experts.
Loan Estimate (Also known as the LE)
Very shortly after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We handle questions about these costs every day at Professional Choice Mortgage, so don't hesitate to contact us if you have questions.
Below is a general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Professional Choice Mortgage can help you understand closing costs. Give us a call at 814-861-3310.