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.
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 TaxesLoan-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
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.