There are certain standard costs related to closing the sale of a house. Buyers and sellers customarily share these costs, as the sales contract specifies.
As indicated below, many of the costs result from getting your mortgage. Since The Reen Team at American Pacific Mortgage has extensive experience with mortgages and closings, 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 many years of past experience. It's important to note that while our LEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
Below is a general list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan Origination Fee Points — lower your interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Escrow Account Various Taxes
Recording Fees and Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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