"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Sellers & buyers almost always negotiate to decide how to share these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the loan. At American Commerce Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We go over 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'll give you a specific list of closing costs, with amounts, 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
Up-front Interest Payment Escrow Account TaxesCosts related to "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Credit Report
Transfer Taxes & Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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