There are certain standard costs associated with closing the sale of a house. Sellers and buyers almost always split these costs, as specified in the real estate sales contract.
As you'll see below, many of the closing costs result from getting your loan. Since The Mortgage Exchange Service LLC is highly experienced with closings and mortgages, we often explain the details of closing costs.
Soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on The Mortgage Exchange Service LLC's experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at closing.
Below you'll find a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment Escrow Account Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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