Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Buyers & sellers usually negotiate to determine who will pay different portions of these costs.
As the list below indicates, many of the costs result from getting your mortgage. Since F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) has extensive experience with closings & mortgages, we are closing cost experts.
Loan Estimates (LEs)
Very soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. This closing cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we cannot always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at closing.
Below you'll find a general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we answer questions about closing costs every day. Call us: 214-300-8756.