"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers and buyers usually negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. At Price Mortgage Group LLC, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Soon after you apply for a loan, we will give you a "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate 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 explain Loan Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below is a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Escrow Fees TaxesCosts related to "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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