What are Closing Costs?
There are certain standard costs related to closing the sale of a house. Buyers and sellers usually split these costs, as specified in the sales contract.
Many of the costs associated with buying residential real estate are associated with getting a loan. Since Financial Edge Mortgage Corp. is highly experienced with mortgages & closings, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Very soon after you submit your application, we'll give you a "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at the closing table.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Financial Edge Mortgage Corp., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
Financial Edge Mortgage Corp. can answer questions about these closing costs. Give us a call: 425-508-9988.
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