What are Closing Costs?
Every home sale involves certain fixed costs. Buyers and sellers usually split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the costs result from getting your mortgage loan. At Sky Apply Mortgage, Inc, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs often change by small amounts between the LE and closing. We field questions about closing costs every day at Sky Apply Mortgage, Inc, so please be sure to contact us if you have questions.
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 have completed your application. At Sky Apply Mortgage, Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Sky Apply Mortgage, Inc, we answer questions about closing costs every day. Give us a call at (813) 200-7931.