Don't Forget Closing Costs
Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily share these closing costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your mortgage. Since Financial Edge Mortgage Corp. has extensive experience with mortgages & closings, we often explain the details of closing costs.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We review LEs with buyers every day, so we are happy to answer any questions you have about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Financial Edge Mortgage Corp. can answer questions about these closing costs. Call us at 425-508-9988.
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