Closing Costs for Residential Real Estate Transactions

There are certain standard costs associated with closing the sale of a house. Buyers and sellers customarily split these closing costs, as the sales contract specifies.

Many of the closing costs associated with buying a home are associated with getting the mortgage. Since 1st Credential Mortgage Inc has extensive experience with mortgages & closings, we can help you understand your closing costs.

Loan Estimates (LEs)

Buyers 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 a little bit between the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers every day, so we are happy to answer any questions you have about closing costs.

Below is a generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Points — A fee paid to lower your interest rate (optional)
• Appraisal Costs
• Credit Report
• Up-front Interest Payment
• Escrow Fees
• Various Taxes
• Costs associated with "originating" your loan

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

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

1st Credential Mortgage Inc can help you understand closing costs. Call us: (281) 778-0805.