How do Closing Costs Work?
"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Buyers & sellers almost always negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying a home are associated with getting the mortgage. Since Curtis Mortgage LLC has extensive experience with mortgages and closings, we often explain the details of closing costs.
The 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 cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Curtis Mortgage LLC, 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
- Escrow Account
- Taxes
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
Property Taxes
- Recording Fees & Transfer Taxes
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
Curtis Mortgage LLC can help you understand closing costs. Call us at 610-565-3600.