What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Sellers & buyers usually negotiate to determine who will pay different portions of these costs.
As indicated below, many of the closing costs result from getting your loan. At Tenby J. Dahman The Dahman Team , we are highly experienced 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 apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on Tenby J. Dahman The Dahman Team 's experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, 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
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Tenby J. Dahman The Dahman Team can help you understand closing costs. Give us a call at 3038627760.