My Mortgage Option can help you understand closing costs. Call us: 469-322-4391.
Every home sale incurs fixed costs. Buyers almost always incur these costs, as the real estate sales contract specifies, however, depending on the contract the seller may be required to pay a portion of the closing costs. "Closing Costs" are the fees that pay for various services involved in the sale of a home. These fees are either paid directly or indirectly by increasing the loan amount or charging a higher interest rate.
As you'll see below, many of the buyer's costs cover the costs of getting the loan. Since My Mortgage Option has extensive experience with mortgages and closings, we often explain the details of closing costs.
Obtaining The Loan Estimate
Within three days after you submit your application, we will provide you with a Loan Estimate. The Loan Estimate details information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. This estimate is not an approval, but it's the first step toward getting your loan.
We field questions about closing costs every day at My Mortgage Option, so please feel free to contact us if you have questions.
Below you'll find a general list of closing costs. We will always provide you with a specific list of your closing costs when we give you an estimate.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance