What are Closing Costs?

"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Sellers & buyers usually negotiate to decide how to share these closing costs.

As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since ADVISORY MORTGAGE has extensive experience with mortgages & closings, we are closing cost experts.

Loan Estimates (LEs)

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 accurate, we can't always estimate closing costs to the penny. We field questions about closing costs every day at ADVISORY MORTGAGE, so please be sure to contact us if you have questions.

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

Standard Closing Costs

Loan-Related Costs

• Various Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Interest Payment
• Escrow Fees

Property Taxes

• Insurance
• Transfer Taxes and Recording Fees

Homeowners Insurance

• Flood / Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

ADVISORY MORTGAGE can help you understand closing costs. Give us a call at 8102292820.