How do Closing Costs Work?

"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Sellers & buyers almost always negotiate these costs.

As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. Since 1st Credential Mortgage Inc is highly experienced with mortgages & closings, we are closing cost experts.

Loan Estimates (LEs)

Very soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the LE and closing. We handle buyers' questions about closing costs every day at 1st Credential Mortgage Inc, so please feel free to ask if we can help answer your questions.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan 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

• Escrow Fees
• Taxes
• Costs related to "originating" your loan
• Points — lower your interest rate (optional)
• Appraisal Costs
• Credit Report
• Interest Payment

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

• Flood / Quake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

At 1st Credential Mortgage Inc, we answer questions about closing costs every day. Give us a call: 2817780805.