About Closing Costs

All residential real estate transactions incurs fixed costs. Sellers and buyers usually share these closing costs, as specified in the real estate sales contract.

As you'll see below, many of the buyer's costs cover the costs of getting the loan. Since 1st Credential Mortgage Inc has extensive experience with mortgages and closings, we are closing cost experts.

Loan Estimate (LE)

Very soon after you apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. The closing cost estimate is based on the loan officer's past experience. Please note that while our LEs are very precise, we cannot always estimate costs to the penny. We go over LEs with buyers every day, so we are happy to answer any questions you have about closing costs.

We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At 1st Credential Mortgage Inc, 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 — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Credit Report
• Up-front Interest Payment
• Escrow Fees
• Taxes
• Loan Origination Fee

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Title Insurance
• Flood or Earthquake Insurance
• Private Mortgage Insurance (PMI)

1st Credential Mortgage Inc can help you understand closing costs. Call us at 2817780805.