"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Sellers & buyers negotiate to determine who will pay different portions of these closing costs.
As the list below indicates, many of the closing costs result from getting your mortgage loan. Since The Mortgage Exchange Service LLC has extensive experience with mortgages & closings, we are closing cost experts.
Soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at closing.
Below you'll find a generic list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Credit Report Interest Payment Escrow Fees Various TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Costs
Insurance Transfer Taxes & Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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