"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers & sellers often negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. Since Abundance Home Mortgage has extensive experience with mortgages & closings, we are closing cost experts.
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Abundance Home Mortgage's experience with mortgage loans, but costs often change a little bit between the LE and closing. We explain Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Points — lower your interest rate (optional) Appraisal Fee Getting Your Credit Report Up-front Interest Payment Escrow Fees TaxesLoan Origination Fee
Insurance Transfer Taxes and Recording Fees
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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