"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Sellers and buyers negotiate these costs.
Many of the costs associated with buying a house are associated with getting a mortgage. Since Abundance Home Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on Abundance Home Mortgage's experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can change slightly at closing.
Below you'll find a general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Fee Getting Your Credit Report Interest Payment Escrow Account Various Taxes
Recording Fees and Transfer Taxes Insurance
Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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