About Closing Costs
"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Sellers & buyers negotiate to decide how to share these closing costs.
As indicated below, many of the costs result from getting your mortgage loan. Since Professional Choice Mortgage has extensive experience with mortgages and closings, we are closing cost experts.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Professional Choice Mortgage's experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Taxes
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Professional Choice Mortgage can help you understand closing costs. Call us: 8148613310.