"Closing Costs" are the fees which pay for various services involved in the sale of a house. Sellers & buyers usually negotiate to determine who will pay different portions of these costs.
As indicated below, many of the costs result from getting your mortgage. Since American Residential Real Estate Financial, Inc. has extensive experience with closings & mortgages, we are closing cost experts.
Loan Estimates (LEs)
Very shortly after you submit your application, we'll provide you with a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on American Residential Real Estate Financial, Inc.'s experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at the closing table.
Below is a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Up-front Interest Payment
- Escrow Fees
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)