What are Closing Costs?

Every home sale incurs costs. Sellers and buyers almost always split these closing costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. Since Glendale Mortgage has extensive experience with mortgages & closings, we are closing cost experts.

The Loan Estimate (Also known as the LE)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. Please note that while our LEs are very precise, we can't always estimate your closing costs to the penny. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Glendale Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

Glendale Mortgage can help you understand closing costs. Give us a call at 610-853-6500.