About Closing Costs
Certain standard costs are related to closing the sale of a home. Sellers and buyers usually share these costs, as the sales contract specifies.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. At Professional Choice Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at closing.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At Professional Choice Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Professional Choice Mortgage, we answer questions about closing costs every day. Give us a call at 814-861-3310.