What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Buyers and sellers often negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. At Curtis Mortgage LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
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. The closing costs spelled out in the Loan Estimate are estimated based on Curtis Mortgage LLC's experience with mortgage loans, but costs often change a little bit between the LE and closing. We answer questions about closing costs every day at Curtis Mortgage LLC, so please feel free to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Curtis Mortgage LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At Curtis Mortgage LLC, we answer questions about closing costs every day. Call us: 610-565-3600.