What are Closing Costs?
Certain standard costs are related to closing the sale of a home. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. At Home Pointe Mortgage Company, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you submit your application, we'll give you the "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on Home Pointe Mortgage Company's experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We go over Loan Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below you'll find a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Home Pointe Mortgage Company can help you understand closing costs. Give us a call at 7702202800.