What are Closing Costs?
Award Mortgage Group can help you understand closing costs. Give us a call at 619-857-2273.
Certain standard costs are associated with closing the sale of a home. Buyers almost always incur these closing costs, as specified in the real estate sales contract, however, depending on the contract the seller may be required to pay some of the closing costs.
"Closing Costs" are the fees which cover various services involved in the sale of a house. These fees might be paid directly or indirectly by crediting the loan.
Many of the closing costs associated with buying a house are associated with getting a mortgage loan. At Award Mortgage Group, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your estimate.
Getting The Loan Estimate
Within three days after you submit your application, we'll give you a Loan Estimate. The Loan Estimate lays out information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward securing your loan.
We will be glad to review the estimate, answering your questions and highlighting costs that sometimes change slightly at the closing table.
Below is a generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you an estimate.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Searching for a mortgage loan? We'd be thrilled to answer your questions about our mortgage offerings! Give us a call at 619-857-2273. Want to get started? Apply Now