What are Closing Costs?

"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Sellers and buyers almost always negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the costs result from getting your mortgage loan. Since Professional Choice Mortgage is highly experienced with mortgages and closings, we often explain the details of closing costs.

Loan Estimate (LE)

Very shortly after you submit your application, we will give you a "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on our 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 pointing out costs that can change slightly at the closing table.

We've provided a general list of these costs below, but we'll give 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
• Interest Payment
• Escrow Fees
• Taxes
• Loan-related costs
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Fee

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Quake Insurance

Professional Choice Mortgage can help you understand closing costs. Call us at 8148613310.