"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Sellers & buyers often negotiate these costs.
As you'll see below, many of the closing costs result from getting your mortgage loan. At American Commerce Mortgage, we are highly experienced in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Very shortly after you submit your application, we will provide you with the "Loan Estimate" of your costs. This cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we cannot always predict your costs to the penny. We go over Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll give 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'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Points — lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Various TaxesLoan Origination Fee Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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