What are Closing Costs?

"Closing Costs" are the fees that cover the various services involved in the sale of a house. Sellers & buyers negotiate the payment of these closing costs.

As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At 1st Credential Mortgage Inc, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Very soon after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on 1st Credential Mortgage Inc's experience with mortgage loans, but costs usually vary a little bit between the LE and closing. We handle questions about these costs every day at 1st Credential Mortgage Inc, so please be sure to contact us if we can help answer your questions.

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 have completed your loan 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

• Points — lower your interest rate (optional)
• Appraisal Fee
• Obtaining Your Credit Report
• Interest Payment
• Escrow Account
• Various Taxes
• Loan Origination Fee

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Title Insurance
• Flood / Quake Insurance
• Private Mortgage Insurance (PMI)

At 1st Credential Mortgage Inc, we answer questions about closing costs every day. Give us a call: (281) 778-0805.