About Closing Costs

Certain standard costs are associated with closing the sale of a home. Buyers and sellers usually split these costs, as the real estate sales contract specifies.

As indicated below, many of the buyer's costs are related to the costs of originating the loan. Since American Commerce Mortgage has extensive experience with closings and mortgages, we can help you understand your closing costs.

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 enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We handle questions about these costs every day at American Commerce Mortgage, so please be sure to contact us if you have questions.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At American Commerce Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Obtaining YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

American Commerce Mortgage can answer questions about these closing costs. Give us a call: 714-970-9700.

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