Closing Costs for Residential Real Estate Transactions
There are certain standard costs associated with closing the sale of a house. Sellers and buyers customarily share these costs, as specified in the sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Tenby J. Dahman The Dahman Team , we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (LE)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Tenby J. Dahman The Dahman Team 's experience with mortgage loans, but costs often change by small amounts between the LE and closing. We handle buyers' questions about closing costs every day at Tenby J. Dahman The Dahman Team , so please be sure to contact us if we can help answer your questions.
We've provided a general list of these costs below, but we'll give 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
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Tenby J. Dahman The Dahman Team can help you understand closing costs. Give us a call: 3038627760.