Don't Forget Closing Costs

"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Sellers & buyers often negotiate the payment of these closing costs.

Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. Since 1st Credential Mortgage Inc is highly experienced with closings and mortgages, we often explain the details of closing costs.

Loan Estimate (Also known as the LE)

Buyers will 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 extensive past experience. It's important to note that while our LEs are very accurate, we can't always predict closing costs to the penny. We go over LEs with buyers every day, so we'd be glad to answer your questions about closing costs.

Below is a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Costs associated with "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Interest Payment
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

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

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