Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers & sellers almost always negotiate these costs.
As indicated below, many of the buyer's costs are related to the costs of getting the loan. Since America's Money Source is highly experienced with mortgages & closings, we can help you understand your closing costs.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on America's Money Source's experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We review LEs with buyers almost every day, so we are happy to answer your questions about closing costs.
Below is a fairly generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
America's Money Source can answer questions about these closing costs. Call us at 4078987559.