Your Closing Costs
All residential real estate sales involves fixed costs. Sellers and buyers customarily split these closing costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of originating the mortgage loan. Since Savers Home Loans has extensive experience with mortgages and closings, we are closing cost experts.
Loan Estimate (Also known as the LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. Please note that while our LEs are very precise, we cannot always estimate your costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your 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
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Savers Home Loans can answer questions about these closing costs. Call us at (800) 974-0509.