What are Closing Costs?
Certain standard costs are associated with closing the sale of a house. Buyers and sellers almost always share these costs, as specified in the sales contract.
Many of the costs associated with buying a house are associated with getting the mortgage loan. Since American Mortgage Advisers, Inc is highly experienced with mortgages & closings, we are closing cost experts.
The Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We handle questions about closing costs every day at American Mortgage Advisers, Inc, so please feel free to contact us if you have questions.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
Property Taxes
- Insurance
- Transfer Taxes & Recording Fees
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
At American Mortgage Advisers, Inc, we answer questions about closing costs every day. Give us a call: 2148657442.