Don't Forget Closing Costs
"Closing Costs" are the fees which cover various services involved in the sale of a home. Buyers and sellers usually negotiate to decide how to split these closing costs.
Many of the costs associated with buying a home are associated with getting the loan. At Professional Choice Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We handle buyers' questions about these costs every day at Professional Choice Mortgage, so don't hesitate to ask if you have questions.
Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Taxes
- Loan Origination Fee
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Professional Choice Mortgage can answer questions about these closing costs. Give us a call: 8148613310.