Closing Costs for Residential Real Estate Transactions

All residential real estate transactions involves certain fixed costs. Sellers and buyers usually share these closing costs, as the sales contract specifies.

As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. At 1st Credential Mortgage Inc, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on 1st Credential Mortgage Inc's experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We go over Loan Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your application. At 1st Credential Mortgage Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Costs associated with "originating" your loan
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Pulling YourCredit Report
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

1st Credential Mortgage Inc can answer questions about these closing costs. Call us at (281) 778-0805.

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