There are certain standard costs related to closing the sale of a home. Buyers and sellers customarily split these costs, as specified in the sales contract.
Many of the costs associated with buying a house are associated with getting a loan. At Diamond Mortgage, LLC, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers 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 usually change by small amounts between the Loan Estimate (LE) and closing. We answer buyers' questions about closing costs every day at Diamond Mortgage, LLC, so don't hesitate to contact us if we can help answer your questions.
Below is a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Points — lower your interest rate (optional)
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable