Don't Forget Closing Costs
Every home sale involves certain fixed costs. Buyers and sellers usually split these costs, as specified in the real estate sales contract.
Many of the costs associated with buying a house are associated with getting the mortgage loan. Since Mortgage Max Inc has extensive experience with mortgages and closings, we often explain the details of closing costs.
Loan Estimates (LEs)
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 Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a fairly generic 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
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
At Mortgage Max Inc, we answer questions about closing costs every day. Give us a call: 760-547-2080.