About Closing Costs
"Closing Costs" are the fees that pay for various services involved when you sell or buy a house. Buyers & sellers almost always negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. At American Commerce Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimate (LE)
Very soon after you submit your application, we will give you a "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 can't always predict costs to the penny. We review LEs with buyers almost every day, so we will be happy to answer the you have about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan 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
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
American Commerce Mortgage can answer questions about these closing costs. Give us a call: 714-970-9700.