How do Closing Costs Work?

Certain standard costs are related to closing the sale of a home. Sellers and buyers usually share these closing costs, as specified in the sales contract.

As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Savers Home Loans has extensive experience with closings and mortgages, we are closing cost experts.

Loan Estimate (LE)

Soon after you submit your application, we will give you the "Loan Estimate" of your costs. The cost estimate is based on our past experience. Please note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We handle questions about closing costs every day at Savers Home Loans, so don't hesitate to contact us if you have questions.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very 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
  • Escrow Account
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Interest Payment
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Savers Home Loans, we answer questions about closing costs every day. Give us a call at (800) 974-0509.