Don't Forget Closing Costs

Every home sale involves certain costs. Buyers and sellers almost always split these closing costs, as specified in the sales contract.

Many of the costs associated with buying a home are associated with getting a loan. At 1st Credential Mortgage Inc, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always predict your closing costs to the penny. We explain LEs with buyers almost every day, so we will be happy to answer your questions about closing costs.

Below you'll find a fairly generic list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Loan Origination Fee
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Account
• Various Taxes

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

• Flood / Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

At 1st Credential Mortgage Inc, we answer questions about closing costs every day. Call us at (281) 778-0805.