Your Closing Costs
All residential real estate transactions involves fixed costs. Buyers and sellers almost always share these closing costs, as specified in the sales contract.
As indicated below, many of the costs result from getting your mortgage. At Nationwide Home Loans, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Very soon after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We review Loan Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your 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
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Nationwide Home Loans can help you understand closing costs. Call us at (562) 693-5048.