Don't Forget Closing Costs
"Closing Costs" are the fees that pay for various services involved in the sale of a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.
As indicated below, many of the closing costs result from getting your mortgage loan. Since Diamond Mortgage, LLC is highly experienced with closings & mortgages, we are closing cost experts.
The Loan Estimate (LE)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Diamond Mortgage, LLC's experience with mortgage loans, but costs often change a little bit between the Loan Estimate (LE) and closing. We review LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below is a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Diamond Mortgage, LLC, we answer questions about closing costs every day. Call us: 3178427744.