Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Sellers & buyers almost always negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying a house are associated with getting a mortgage loan. At Tenby J. Dahman The Dahman Team , we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always predict closing costs to the penny. We review Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
Property Taxes
- Insurance
- Transfer Taxes & Recording Fees
Homeowners Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Tenby J. Dahman The Dahman Team can answer questions about these closing costs. Give us a call: 3038627760.