Your Closing Costs
Certain standard costs are associated with closing the sale of a home. Buyers and sellers customarily split these closing costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your loan. At Financial Edge Mortgage Corp., we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We go over Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we will give 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
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees & Transfer Taxes
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Financial Edge Mortgage Corp., we answer questions about closing costs every day. Call us: 425-508-9988.
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