Closing Costs for Home Real Estate Transactions
Certain standard costs are associated with closing the sale of a home. Sellers and buyers customarily share these closing costs, as the sales contract specifies.
As indicated below, many of the buyer's costs cover the costs of originating the loan. Since F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) has extensive experience with closings and mortgages, we can help you understand your closing costs.
Loan Estimates (LEs)
Very soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. This cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at closing.
We've provided a general list of closing 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'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
Property Taxes
- Recording Fees & Transfer Taxes
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can help you understand closing costs. Call us at 214-300-8756.