What are Closing Costs?

"Closing Costs" are the fees which cover the various services involved in the sale of a home. Buyers and sellers often negotiate to determine who will pay different portions of these costs.

Many of the closing costs associated with buying residential real estate are associated with getting the mortgage loan. At Savers Home Loans, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Very shortly after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We explain LEs 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'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Savers Home Loans, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Pulling YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Costs associated with "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance

Savers Home Loans can help you understand closing costs. Call us at (800) 974-0509.