There are certain standard costs related to closing the sale of a house. Sellers and buyers customarily share these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the costs result from getting your loan. At The Mortgage Exchange Service LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate comes out of our past experience. Please note that while our LEs are very precise, we can't always estimate closing costs to the penny. We field questions about these costs every day at The Mortgage Exchange Service LLC, so please be sure to contact us if we can help answer your questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At The Mortgage Exchange Service LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees Various TaxesLoan Origination Fee Points — lower your mortgage interest rate (optional) Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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