What are Closing Costs?
Every home sale involves certain fixed costs. Buyers and sellers almost always share these costs, as specified in the sales contract.
As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. 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)
Very soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at closing.
Below is a fairly general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Escrow Fees
- Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Tenby J. Dahman The Dahman Team can answer questions about these closing costs. Call us: 3038627760.