"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. Since Southwest Funding #841 has extensive experience with closings and mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Southwest Funding #841's experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We handle questions about closing costs every day at Southwest Funding #841, so don't hesitate to contact us if you have questions.
Below you'll find a fairly general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Various Taxes
Insurance Transfer Taxes and Recording Fees
Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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