What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved in the sale of a house. Buyers and sellers negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the mortgage loan. At National Asset Mortgage, LLC, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you apply for a loan, we'll give you a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at closing.
Below you'll find a fairly generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Points — lower your interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Transfer Taxes and Recording Fees
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
National Asset Mortgage, LLC can answer questions about these closing costs. Give us a call at (855) 391-3290.