Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Sellers & buyers usually negotiate to determine who will pay different portions of these costs.
As the list below indicates, many of the costs result from getting your mortgage 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 costs in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Very soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. Please note that while our LEs are very precise, we can't always estimate your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
Below is a fairly generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Appraisal Costs
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
At Diamond Mortgage, LLC, we answer questions about closing costs every day. Call us at 3178427744.