What are Closing Costs?
"Closing Costs" are the fees that cover various services involved in the sale of a house. Sellers & buyers almost always negotiate these costs.
Many of the closing costs associated with buying a house are associated with getting the mortgage. Since Diamond Mortgage, LLC is highly experienced with closings and mortgages, we are closing cost experts.
The Loan Estimate (LE)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we can't always predict costs to the penny. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Diamond Mortgage, LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)