How do Closing Costs Work?

There are certain standard costs associated with closing the sale of a home. Sellers and buyers usually split these closing costs, as specified in the real estate sales contract.

Many of the costs associated with buying residential real estate are associated with getting the mortgage. Since Nationwide Home Loans has extensive experience with mortgages & closings, we are closing cost experts.

The Loan Estimate (Also known as the LE)

Soon after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on Nationwide Home Loans's experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We answer buyers' questions about these costs every day at Nationwide Home Loans, so don't hesitate to ask if we can help answer your questions.

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

Nationwide Home Loans can answer questions about these closing costs. Call us: 5626935048.

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Nationwide Home Loans

NMLS #238531| CA BRE #01017101

16211 Whittier Blvd.
Whittier, CA 90603