What are Closing Costs?

Certain standard costs are associated with closing the sale of a home. Sellers and buyers almost always share these closing costs, as specified in the real estate sales contract.

As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. Since 1st Credential Mortgage Inc is highly experienced with closings & mortgages, we are closing cost experts.

The Loan Estimate (LE)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on 1st Credential Mortgage Inc's experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We answer questions about these costs every day at 1st Credential Mortgage Inc, so please be sure to ask if we can help answer your questions.

We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed 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

• Interest Payment
• Escrow Account
• Various Taxes
• Costs related to "originating" your loan
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Fee
• Credit Report

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. Call us: 2817780805.