"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Buyers and sellers almost always negotiate these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Precision Mortgage, Inc. is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We explain LEs with buyers every day, so we will be happy to answer any questions you have 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, soon after you have completed your loan application. At Precision Mortgage, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan
InsuranceRecording Fees and Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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