"Closing Costs" are the fees which pay for various services involved in the sale of a house. Buyers and sellers almost always negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At 1st Credential Mortgage Inc, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
The Loan Estimate (LE)
Very soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. The closing cost estimate is based on our past experience. Please note that while our LEs are very accurate, we cannot always predict your costs to the penny. We review LEs with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At 1st Credential Mortgage Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Obtaining YourCredit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Transfer Taxes & Recording Fees
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At 1st Credential Mortgage Inc, we answer questions about closing costs every day. Call us at (281) 778-0805.