Closing Costs for Residential Real Estate Transactions

There are certain standard costs related to closing the sale of a house. Sellers and buyers customarily share these closing costs, as the sales contract specifies.

Many of the closing costs associated with buying a home are associated with getting a mortgage loan. At 1st Credential Mortgage Inc, we have extensive experience in residential mortgage lending, so we can compile 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 a "Loan Estimate" of your costs. This cost estimate comes out of our past experience. It's important to note that while our LEs are very precise, we can't always estimate costs to the penny. We answer questions about closing costs every day at 1st Credential Mortgage Inc, so please feel free to contact us if we can help answer your questions.

Below you'll find a fairly generic 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 Fee
• Pulling Your Credit Report
• Up-front Interest Payment
• Escrow Account
• Taxes
• Loan Origination Fee
• Points — A fee paid to lower your mortgage interest rate (optional)

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

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

1st Credential Mortgage Inc can answer questions about these closing costs. Give us a call at (281) 778-0805.