How do Closing Costs Work?

"Closing Costs" are the fees which pay for various services involved in the sale of a house. Buyers & sellers usually negotiate the payment of these costs.

Many of the closing costs associated with buying a home are associated with getting the mortgage. At Savers Home Loans, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We explain LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.

We've provided a general list of closing 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
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

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