What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Buyers & sellers negotiate these closing costs.

As you'll see below, many of the buyer's costs cover the costs of getting the loan. Since One Source Lending has extensive experience with mortgages and closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at the closing table.

Below you'll find a generic list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Credit Report
• Interest Payment
• Escrow Account
• Various Taxes
• Loan-related costs
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Costs

Property Taxes

• Insurance
• Recording Fees and Transfer Taxes

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Earthquake Insurance

One Source Lending can help you understand closing costs. Give us a call: 3032207500.