Closing Costs for Home Real Estate Transactions
Every home sale incurs certain costs. Buyers and sellers usually share these costs, as specified in the real estate sales contract.
As indicated below, many of the costs result from getting your mortgage. At Not Your Average Lender, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on Not Your Average Lender's experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Not Your Average Lender, 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
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — lower your interest rate (optional)
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Not Your Average Lender, we answer questions about closing costs every day. Call us at 9722039033.