Closing Costs for Home Real Estate Transactions
There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually split these closing costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your loan. At Abbey Mortgage, we are highly experienced in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Very shortly after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we cannot always predict costs to the penny. We review Loan Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At Abbey Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Taxes
- Costs related to "originating" your loan
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
At Abbey Mortgage, we answer questions about closing costs every day. Call us: 3523694200.