What are Closing Costs?
Every home sale involves certain costs. Buyers and sellers customarily share these closing costs, as specified in the sales contract.
Many of the closing costs associated with buying a house are associated with getting a loan. At Diamond Mortgage, LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Soon after you submit your application, we'll provide you with 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 vary a little bit between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at the closing table.
Below is a general 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 CostsLoan-Related Costs
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)