Your Closing Costs
Every home sale incurs costs. Sellers and buyers usually share these closing costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. At Southwest Funding #841, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very soon after you apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We explain LEs with buyers almost every day, so we are happy to answer any questions you have about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At Southwest Funding #841, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
Southwest Funding #841 can answer questions about these closing costs. Give us a call: (512) 291-6100.