What are Closing Costs?

Every home sale involves costs. Sellers and buyers usually split these closing costs, as specified in the sales contract.

Many of the closing costs associated with buying a home are associated with getting the loan. At One Source Lending , we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".

Loan Estimate (LE)

Soon after you submit your application, we will give you a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We go over LEs with buyers every day, so we are happy to answer your questions about closing costs.

Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Credit Report
• Up-front Interest Payment
• Escrow Fees
• Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Fee

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

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

At One Source Lending , we answer questions about closing costs every day. Call us: 3032207500.