About Closing Costs

There are certain standard costs associated with closing the sale of a home. Sellers and buyers almost always share these costs, as specified in the real estate sales contract.

As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. At 1st Credential Mortgage Inc, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".

The Loan Estimate (LE)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very accurate, we cannot always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at the closing table.

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

Standard Closing Costs

Loan-Related Costs

• Appraisal Costs
• Credit Report
• Interest Payment
• Escrow Account
• Taxes
• Loan-related costs
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Title Insurance
• Flood or Earthquake Insurance
• Private Mortgage Insurance (PMI)

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