Don't Forget Closing Costs

Every home sale incurs certain costs. Sellers and buyers almost always share these closing costs, as the real estate sales contract specifies.

Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. At 1st Credential Mortgage Inc, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".

Loan Estimate (LE)

Very soon after you submit your application, we'll give you the "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 delivery of the LE and closing. We review LEs with buyers almost every day, so we will be happy to answer your questions about closing costs.

Below you'll find a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs

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

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

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

1st Credential Mortgage Inc can help you understand closing costs. Give us a call at 2817780805.