How do Closing Costs Work?

Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily share these closing costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At Southwest Funding #841
Company NMLS # 303440, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Loan Estimate (LE) and closing. We go over LEs with buyers every day, so we'd be glad to answer your questions about closing costs.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Southwest Funding #841
Company NMLS # 303440, 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

• Costs related to "originating" your loan
• Points — lower your interest rate (optional)
• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Fees
• Taxes

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

• Flood or Quake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

Southwest Funding #841
Company NMLS # 303440 can help you understand closing costs. Give us a call: 5122916100.