Don't Forget Closing Costs
There are certain standard costs related to closing the sale of a home. Sellers and buyers almost always split these closing costs, as the real estate sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting the loan. Since One Source Lending has extensive experience with mortgages and closings, we are closing cost experts.
Loan Estimates (LEs)
Very shortly after you submit your application, we'll provide you with 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 usually vary a little bit between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at the closing table.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At One Source Lending , we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Taxes
- Costs associated with "originating" your loan
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
At One Source Lending , we answer questions about closing costs every day. Call us at 3032207500.