"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers and buyers often negotiate to decide how to split these costs.
Many of the costs associated with buying residential real estate are associated with getting a loan. At Creative Home Loans, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we cannot always predict costs to the penny. We go over Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your application. At Creative Home Loans, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Various Taxes
Insurance Transfer Taxes & Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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