How do Closing Costs Work?

There are certain standard costs related to closing the sale of a home. Buyers and sellers usually share these closing costs, as specified in the real estate sales contract.

As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. At Not Your Average Lender, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Very soon after you submit your application, we will give you the "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We field questions about these costs every day at Not Your Average Lender, so don't hesitate to ask if you have questions.

We've provided a general list of closing costs below, but we will 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'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

Not Your Average Lender can help you understand closing costs. Call us: 9722039033.

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Not Your Average Lender

NMLS# 230028

310 East I30 Suite B107
Garland, TX 75043