Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Sellers & buyers almost always negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. At Professional Choice Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on Professional Choice Mortgage's experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We field questions about closing costs every day at Professional Choice Mortgage, so please be sure to ask if we can help answer your questions.
Below is a generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Pulling YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
At Professional Choice Mortgage, we answer questions about closing costs every day. Call us: 8148613310.