Closing Costs for Home Real Estate Transactions
Certain standard costs are related to closing the sale of a house. Buyers and sellers almost always share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. At Flat Branch Home Loans, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimate (LE)
Very soon after you apply for a loan, we will give you a "Loan Estimate" of your closing costs. The closing cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we can't always estimate costs to the penny. 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'll give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Flat Branch 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
- Taxes
- Loan-related costs
- 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
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
Flat Branch Home Loans can help you understand closing costs. Call us at 3173854768.