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