What are Closing Costs?
"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Sellers & buyers usually negotiate to decide how to split these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. Since Town & Country Home Loans, Inc. has extensive experience with closings & mortgages, we are closing cost experts.
Loan Estimate (LE)
Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We field buyers' questions about closing costs every day at Town & Country Home Loans, Inc., so please be sure to contact us if you have questions.
Below is a fairly generic list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance