Closing Costs

All residential real estate sales involves certain fixed costs. Sellers and buyers customarily split these closing costs, as specified in the real estate sales contract.

As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since Professional Choice Mortgage is highly experienced with closings & mortgages, we can help you understand your closing costs.

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at closing.

Below you'll find a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

Professional Choice Mortgage can help you understand closing costs. Give us a call at 814-861-3310.