How do Closing Costs Work?
"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers & buyers almost always negotiate these costs.
Many of the closing costs associated with buying a home are associated with getting a loan. At Curtis Mortgage LLC, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you submit your application, we will give you the "Loan Estimate" of your closing costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we cannot always predict costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan 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
- Getting YourCredit Report
- Interest Payment
- Escrow Fees
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Curtis Mortgage LLC can help you understand closing costs. Give us a call at 610-565-3600.