Don't Forget Closing Costs

"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers and buyers negotiate to decide how to split these costs.

Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. Since American Commerce Mortgage has extensive experience with mortgages and closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on American Commerce Mortgage's experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at closing.

Below is a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Pulling YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

American Commerce Mortgage can answer questions about these closing costs. Call us at 714-970-9700.

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