What are Closing Costs?
There are certain standard costs associated with closing the sale of a house. Sellers and buyers almost always share these closing 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 loan. At Savers Home Loans, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimate (LE)
Soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. This cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very accurate, we cannot always predict costs to the penny. We answer buyers' questions about these costs every day at Savers Home Loans, so please feel free to contact us if you have questions.
Below you'll find a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
At Savers Home Loans, we answer questions about closing costs every day. Call us at (800) 974-0509.