Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Buyers & sellers negotiate the payment of these costs.
Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. At Diamond Mortgage, LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always predict costs to the penny. We go over Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance