What are Closing Costs?

"Closing Costs" are the fees that pay for various services involved when you sell or buy a house. Sellers and buyers negotiate the payment of these costs.

Many of the closing costs associated with buying residential real estate are associated with getting the mortgage loan. At 1st Credential Mortgage Inc, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at 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 cannot always predict closing costs to the penny. We review LEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.

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

Standard Closing Costs

Loan-Related Costs

• Credit Report
• Up-front Interest Payment
• Escrow Fees
• Taxes
• Costs associated with "originating" your loan
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Costs

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

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

1st Credential Mortgage Inc can help you understand closing costs. Call us at 2817780805.