Your Closing Costs
"Closing Costs" are the fees that cover various services involved in the sale of a house. Sellers and buyers negotiate the payment of these closing costs.
As you'll see below, many of the costs result from getting your mortgage loan. Since F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) is highly experienced with mortgages & closings, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org)'s experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining YourCredit Report
- Transfer Taxes & Recording Fees
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can answer questions about these closing costs. Give us a call: 214-300-8756.