About Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Sellers and buyers negotiate to determine who will pay different portions of these costs.
As indicated below, many of the closing costs result from getting your mortgage loan. At Tenby J. Dahman The Dahman Team , we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we will give you a "Loan Estimate" of your costs. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We field questions about closing costs every day at Tenby J. Dahman The Dahman Team , so don't hesitate to ask if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Tenby J. Dahman The Dahman Team , 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
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
Tenby J. Dahman The Dahman Team can help you understand closing costs. Call us at 3038627760.