There are certain standard costs associated with closing the sale of a home. Sellers and buyers almost always split these costs, as specified in the sales contract.
Many of the closing costs associated with buying a house are associated with getting a loan. Since Selectplus Lending has extensive experience with closings and mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below is a fairly general 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 Points — lower your mortgage interest rate (optional) Appraisal Costs Obtaining Your Credit Report Interest Payment Escrow Account Various TaxesLoan-related costs Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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