Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate to decide how to share these costs.
As you'll see below, many of the closing costs result from getting your mortgage. At Sky Apply Mortgage, Inc, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Very shortly after you apply for a loan, we'll give you a "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we can't always predict closing costs to the penny. We explain LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related 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 Fee
- Obtaining YourCredit Report
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Sky Apply Mortgage, Inc, we answer questions about closing costs every day. Call us at (813) 200-7931.