About Closing Costs

"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Sellers & buyers often negotiate these costs.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At 1st Credential Mortgage Inc, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. 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 Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.

Below is a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Loan-related costs
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Up-front Interest Payment
• Escrow Account
• Various Taxes

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

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

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