What are Closing Costs?
There are certain standard costs associated with closing the sale of a house. Sellers and buyers usually split these closing costs, as specified in the sales contract.
Many of the costs associated with buying a home are associated with getting the mortgage loan. Since Sky Apply Mortgage, Inc is highly experienced with closings and mortgages, we often explain the details of closing costs.
Loan Estimate (Also known as the LE)
Soon after you submit your application, we'll give you the "Loan Estimate" of your costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the LE and closing. We field questions about closing costs every day at Sky Apply Mortgage, Inc, 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 always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Credit Report
- Interest Payment
- Escrow Account
- Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
Property Taxes
- Insurance
- Transfer Taxes & Recording Fees
Homeowners Insurance
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Sky Apply Mortgage, Inc can help you understand closing costs. Call us: 8132007931.