Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers & buyers usually negotiate these costs.
As the list below indicates, many of the costs result from getting your mortgage loan. Since Financial Edge Mortgage Corp. has extensive experience with closings and mortgages, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Soon after you apply for a loan, we will give you a "Loan Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always predict your closing costs to the penny. We answer buyers' questions about closing costs every day at Financial Edge Mortgage Corp., so please be sure to ask if we can help answer your questions.
Below is a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Fees
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Transfer Taxes & Recording Fees
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Financial Edge Mortgage Corp. can answer questions about these closing costs. Give us a call at 425-508-9988.
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