What are Closing Costs?

"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Buyers & sellers almost always negotiate these costs.

Many of the costs associated with buying residential real estate are associated with getting a mortgage. At Glendale Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We go over Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a general list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Interest Payment
  • Escrow Account
  • Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Glendale Mortgage can answer questions about these closing costs. Give us a call at 610-853-6500.