What are Closing Costs?
All residential real estate sales involves certain fixed costs. Buyers and sellers customarily share these 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 loan. At Professional Choice Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimate (LE)
Very soon after you submit your application, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Professional Choice Mortgage's experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.
Below you'll find a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
Property Taxes
- Insurance
- Transfer Taxes & Recording Fees
Homeowners Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Professional Choice Mortgage, we answer questions about closing costs every day. Call us: 8148613310.