Certain standard costs are related to closing the sale of a house. Sellers and buyers almost always split these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage 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 report on mortgage-related costs in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Buyers 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 usually change a little bit between the Loan Estimate (LE) and closing. We answer buyers' questions about these costs every day at F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), so don't hesitate to contact us if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
At F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org), we answer questions about closing costs every day. Give us a call: 214-300-8756.