Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees which pay for 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 buyer's costs are related to the costs of originating the loan. At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org)'s experience with mortgage loans, but costs usually vary by small amounts between delivery of the LE and closing. We explain LEs with buyers every day, so we will be happy to answer your questions about closing costs.
Below is a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can answer questions about these closing costs. Call us: 214-300-8756.