"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Buyers & sellers usually negotiate these costs.
As the list below indicates, many of the costs result from getting your mortgage loan. At American Commerce Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Very shortly after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your loan application. At American Commerce Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Credit Report Interest Payment Escrow Account TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee
Insurance Transfer Taxes and Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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