How do Closing Costs Work?

All residential real estate transactions involves fixed costs. Buyers and sellers customarily share these closing costs, as the sales contract specifies.

As you'll see below, many of the closing costs result from getting your mortgage loan. Since Savers Home Loans is highly experienced with closings & mortgages, we are closing cost experts.

The Loan Estimate (Also known as the LE)

Very shortly after you apply for a loan, we will give you the "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Savers Home Loans's experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.

We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, 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
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance if applicable

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