What are Closing Costs?

"Closing Costs" are the fees that pay for various services involved in the sale of a home. Buyers & sellers usually negotiate the payment of these closing costs.

As the list below indicates, many of the closing costs result from getting your loan. At Nationwide Home Loans, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".

The Loan Estimate (Also known as the LE)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We handle buyers' questions about these costs every day at Nationwide Home Loans, so please be sure to contact us if you have questions.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Nationwide Home Loans, 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
  • Escrow Fees
  • Taxes
  • Costs associated with "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

At Nationwide Home Loans, we answer questions about closing costs every day. Call us at (562) 693-5048.

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