How do Closing Costs Work?

All residential real estate transactions involves certain fixed costs. Buyers and sellers almost always share these costs, as specified in the sales contract.

As you'll see below, many of the closing costs result from getting your mortgage. At Savers Home Loans, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very precise, we can't always predict closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at the closing table.

Below you'll find a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Costs
  • Pulling Your Credit Report
  • Interest Payment
  • Escrow Fees
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance if applicable

Savers Home Loans can help you understand closing costs. Give us a call: (800) 974-0509.