What are Closing Costs?
Certain standard costs are associated with closing the sale of a house. Sellers and buyers usually 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 is highly experienced with mortgages & closings, we are closing cost experts.
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we cannot always predict costs to the penny. We field buyers' questions about closing costs every day at Tenby J. Dahman, so don't hesitate to ask if we can help answer your questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your application. At Tenby J. Dahman, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Fees
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Tenby J. Dahman can help you understand closing costs. Call us at 3038627760.