"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers and sellers negotiate the payment of these closing costs.
Many of the closing costs associated with buying a house are associated with getting the loan. Since One Source Lending has extensive experience with mortgages and closings, we are closing cost experts.
Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
Below is a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
One Source Lending can answer questions about these closing costs. Give us a call at 3032207500.