What are Closing Costs?
"Closing Costs" are the fees which cover various services involved in the sale of a home. Buyers & sellers usually negotiate these costs.
Many of the costs associated with buying a house are associated with getting the mortgage. At Professional Choice Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we'll give you a "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
Below is a fairly general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
Property Taxes
- Recording Fees and Transfer Taxes
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
Professional Choice Mortgage can answer questions about these closing costs. Give us a call: 8148613310.