About Closing Costs
"Closing Costs" are the fees which pay for various services involved when you sell or buy residential real estate. Buyers & sellers usually negotiate to decide how to split these costs.
Many of the costs associated with buying a house are associated with getting the 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 mortgage-related costs in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Soon after you submit your application, we'll give you a "Loan Estimate" of your costs. 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 a little bit between delivery of the LE and closing. We review LEs with buyers almost every day, so we are happy to answer the you have about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan 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
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Taxes
- Costs related to "originating" your loan
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Tenby J. Dahman The Dahman Team can answer questions about these closing costs. Call us at 3038627760.