Closing Costs for Residential Real Estate Transactions

All residential real estate sales involves certain fixed costs. Sellers and buyers customarily split these costs, as the real estate sales contract specifies.

As indicated below, many of the costs result from getting your mortgage loan. At 1st Credential Mortgage Inc, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs 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 cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always predict closing costs to the penny. We review LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.

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

Standard Closing Costs

Loan-Related Costs

• Pulling YourCredit Report
• Interest Payment
• Escrow Account
• Various Taxes
• Loan Origination Fee
• Points — lower your interest rate (optional)
• Appraisal Fee

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

• Flood / Quake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

At 1st Credential Mortgage Inc, we answer questions about closing costs every day. Give us a call: 2817780805.