What are Closing Costs?
There are certain standard costs associated with closing the sale of a house. Sellers and buyers usually split these costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting the loan. At Home Pointe Mortgage Company, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
The Loan Estimate (LE)
Very shortly after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. This cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We handle questions about closing costs every day at Home Pointe Mortgage Company, so don't hesitate to contact us if you have questions.
Below you'll find a fairly generic list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Home Pointe Mortgage Company can help you understand closing costs. Give us a call at 7702202800.