What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers & buyers usually negotiate to determine who will pay different portions of these closing costs.

Many of the closing costs associated with buying a house are associated with getting the loan. Since 1st Credential Mortgage Inc is highly experienced with mortgages and closings, we are closing cost experts.

The Loan Estimate (Also known as the LE)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we can't always predict closing costs to the penny. We review Loan Estimates with buyers almost every day, so we will be happy to answer the you have about closing costs.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At 1st Credential Mortgage Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Various Taxes
• Loan Origination Fee
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Account

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

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

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