What are Closing Costs?

Every home sale incurs fixed costs. Sellers and buyers customarily split these costs, as specified in the real estate sales contract.

As indicated below, many of the costs result from getting your mortgage loan. At Southwest Funding #841, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We review Loan Estimates 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'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Southwest Funding #841, 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
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Costs associated with "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance if applicable

Southwest Funding #841 can answer questions about these closing costs. Call us at (512) 291-6100.

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