Your Closing Costs
"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Buyers and sellers usually negotiate the payment of these costs.
As indicated below, many of the costs result from getting your mortgage. At Professional Choice Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
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 our experience with mortgage loans, but costs often vary a little bit between delivery of the Loan Estimate (LE) and closing. We answer questions about these costs every day at Professional Choice Mortgage, so please feel free to contact us if you have questions.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Professional Choice Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Pulling YourCredit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Professional Choice Mortgage can help you understand closing costs. Call us: 8148613310.