What are Closing Costs?

There are certain standard costs associated with closing the sale of a house. Buyers and sellers almost always share these costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. Since Savers Home Loans is highly experienced with closings and mortgages, we can help you understand your closing costs.

The Loan Estimate (Also known as the LE)

Very soon after you submit your application, we'll give you a "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the Loan Estimate (LE) and closing. We explain LEs with buyers almost every day, so we are happy to answer the you have about closing costs.

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 have completed your loan application. At Savers Home Loans, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

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

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