Your Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate to decide how to split these closing costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At 1st Credential Mortgage Inc, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Very soon after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we cannot always estimate your costs to the penny. We review Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete 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 — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Loan-related costs
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
1st Credential Mortgage Inc can answer questions about these closing costs. Give us a call at (281) 778-0805.