Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Sellers and buyers almost always negotiate the payment of these costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage loan. At One Source Lending , we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We answer buyers' questions about closing costs every day at One Source Lending , so please be sure to contact us if we can help answer your questions.
Below you'll find a fairly 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
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
One Source Lending can help you understand closing costs. Call us: 3032207500.