How do Closing Costs Work?

"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers and buyers often negotiate these costs.

As the list below indicates, many of the costs result from getting your mortgage. At Selectplus Lending, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".

The Loan Estimate (LE)

Very shortly after you apply for a loan, we'll give you the "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We answer questions about these costs every day at Selectplus Lending, so don't hesitate to contact us if we can help answer your questions.

We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Selectplus Lending, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

At Selectplus Lending, we answer questions about closing costs every day. Give us a call: (818)645-7035.

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