About Closing Costs

"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.

As indicated below, many of the costs result from getting your loan. Since 1st Credential Mortgage Inc is highly experienced with closings and mortgages, we can help you understand your closing costs.

The Loan Estimate (Also known as the LE)

Soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on 1st Credential Mortgage Inc's experience with mortgage loans, but costs usually vary by small amounts between delivery of the LE and closing. We answer buyers' questions about closing costs every day at 1st Credential Mortgage Inc, so don't hesitate to ask if we can help answer your questions.

Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs

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

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Flood / Quake 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.