What are Closing Costs?
"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Buyers & sellers usually negotiate the payment of these closing costs.
Many of the costs associated with buying a house are associated with getting a loan. At Financial Edge Mortgage Corp., we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Buyers 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 many years of past experience. Please note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We go over Loan Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below is a generic list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Financial Edge Mortgage Corp. can help you understand closing costs. Call us: 425-508-9988.
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