Don't Forget Closing Costs
"Closing Costs" are the fees that cover various services involved in the sale of a home. Sellers & buyers almost always negotiate to decide how to share these closing costs.
Many of the closing costs associated with buying a home are associated with getting a mortgage loan. Since Town & Country Home Loans, Inc. has extensive experience with mortgages and closings, we often explain the details of closing costs.
The Loan Estimate (Also known as the LE)
Soon after you submit your application, we'll give you a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Town & Country Home Loans, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance