Closing Costs for Home Real Estate Transactions
All residential real estate transactions involves costs. Sellers and buyers almost always split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the buyer's costs are related to the costs of getting the loan. Since American Mortgage Advisers, Inc has extensive experience with mortgages and closings, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Very shortly after you submit your application, we will give you the "Loan Estimate" of your closing costs. The closing cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we cannot always predict your costs to the penny. We go over LEs with buyers every day, so we will be happy to answer your questions about closing costs.
Below is a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Recording Fees & Transfer Taxes
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At American Mortgage Advisers, Inc, we answer questions about closing costs every day. Give us a call: 214-865-7442.
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