"Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. Buyers and sellers often negotiate these costs.
As the list below indicates, many of the closing costs result from getting your mortgage. At Selectplus Lending, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The 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 estimate your costs to the penny. We go over Loan Estimates with buyers every day, so we are happy to answer your questions about closing costs.
Below is a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Escrow Account TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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