How do Closing Costs Work?
"Closing Costs" are the fees which cover the various services involved in the sale of a home. Buyers and sellers almost always negotiate the payment of these costs.
Many of the costs associated with buying a home are associated with getting the loan. Since Curtis Mortgage LLC has extensive experience with mortgages & closings, we are closing cost experts.
The Loan Estimate (LE)
Soon after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We answer questions about closing costs every day at Curtis Mortgage LLC, so don't hesitate to contact us if we can help answer your questions.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Curtis Mortgage LLC can help you understand closing costs. Give us a call: 610-565-3600.