About Closing Costs
"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers and sellers often negotiate the payment of these closing costs.
Many of the costs associated with buying a home are associated with getting a mortgage loan. Since Glendale Mortgage is highly experienced with closings and mortgages, we often explain the details of closing costs.
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Loan Estimate (LE) and closing. We explain LEs with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below is a generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Obtaining YourCredit Report
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Glendale Mortgage can answer questions about these closing costs. Call us at 610-853-6500.