"Closing Costs" are the fees which cover various services involved in the sale of a house. Buyers & sellers often negotiate these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since American Commerce Mortgage has extensive experience with closings & mortgages, we often explain the details of closing costs.
Soon after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on American Commerce Mortgage's experience with mortgage loans, but costs usually vary by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
Below is a fairly generic list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Pulling YourCredit Report Up-front Interest Payment Escrow Fees Various TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs
Insurance Transfer Taxes and Recording Fees
Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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