How do Closing Costs Work?

All residential real estate sales involves certain fixed costs. Buyers and sellers almost always share these costs, as the real estate sales contract specifies.

As indicated below, many of the costs result from getting your mortgage. Since Tenby J. Dahman The Dahman Team is highly experienced with closings and mortgages, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at the closing table.

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'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Appraisal Costs
• Credit Report
• Interest Payment
• Escrow Fees
• Taxes
• Loan-related costs
• Points — A fee paid to lower your interest rate (optional)

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

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

At Tenby J. Dahman The Dahman Team , we answer questions about closing costs every day. Give us a call: 3038627760.