What are Closing Costs?

"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Buyers & sellers often negotiate the payment of these costs.

As indicated below, many of the costs result from getting your mortgage. Since Selectplus Lending has extensive experience with mortgages and closings, we can help you understand your closing costs.

Loan Estimate (Also known as the LE)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. 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 you'll find a general list of costs for buying a home. We will provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

Selectplus Lending can help you understand closing costs. Give us a call at (818)645-7035.

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