About Closing Costs
Every home sale incurs certain fixed costs. Buyers and sellers usually share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. At Diamond Mortgage, LLC, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Very shortly after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.
Below is a generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
Diamond Mortgage, LLC can answer questions about these closing costs. Call us at 317-842-7744.