About Closing Costs

"Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. Sellers and buyers often negotiate these closing costs.

As the list below indicates, many of the closing costs result from getting your mortgage. At 1st Credential Mortgage Inc, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We answer buyers' questions about closing costs every day at 1st Credential Mortgage Inc, so don't hesitate to ask if we can help answer your questions.

Below you'll find a 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 mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance

1st Credential Mortgage Inc can answer questions about these closing costs. Give us a call: (281) 778-0805.

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