About Closing Costs
There are certain standard costs related to closing the sale of a house. Sellers and buyers usually share these costs, as the real estate sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage loan. At Not Your Average Lender, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
The Loan Estimate (LE)
Very shortly after you submit your application, we will provide you with the "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we can't always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Not Your Average Lender, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various 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
Not Your Average Lender can answer questions about these closing costs. Give us a call at 9722039033.