Don't Forget Closing Costs
All residential real estate sales incurs costs. Buyers and sellers customarily share these closing costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. Since American Mortgage Advisers, Inc is highly experienced with closings & mortgages, we can help you understand your closing costs.
The Loan Estimate (LE)
Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.
Below you'll find a generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
American Mortgage Advisers, Inc can answer questions about these closing costs. Give us a call at 214-865-7442.
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