Don't Forget Closing Costs

There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually share these costs, as the sales contract specifies.

As you'll see below, many of the costs result from getting your loan. At 1st Credential Mortgage Inc, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we can't always estimate costs to the penny. We go over LEs with buyers every day, so we'd be glad to answer your questions about closing costs.

Below is a generic 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
• Taxes
• Loan Origination Fee
• Points — lower your mortgage interest rate (optional)
• Appraisal Fee

Property Taxes

• Insurance
• Recording Fees and Transfer Taxes

Homeowners Insurance

• 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.