Closing Costs for Residential Real Estate Transactions
There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always split these costs, as specified in the sales contract.
As the list below indicates, many of the closing costs result from getting your mortgage loan. At Curtis Mortgage LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimate (LE)
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at closing.
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 have completed 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
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining YourCredit Report
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
At Curtis Mortgage LLC, we answer questions about closing costs every day. Give us a call: 610-565-3600.