Don't Forget Closing Costs

Certain standard costs are related to closing the sale of a home. Sellers and buyers almost always split these closing costs, as specified in the real estate sales contract.

As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. Since Tenby J. Dahman is highly experienced with closings and mortgages, we often explain the details of closing costs.

The Loan Estimate (Also known as the LE)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.

Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Escrow Account
• Taxes
• Costs associated with "originating" your loan
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Pulling Your Credit Report
• Up-front Interest Payment

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Title Insurance
• Flood / Quake Insurance
• Private Mortgage Insurance (PMI)

At Tenby J. Dahman, we answer questions about closing costs every day. Call us at 3038627760.