Your Closing Costs
Certain standard costs are related to closing the sale of a house. Sellers and buyers usually share these closing costs, as the sales contract specifies.
As the list below indicates, many of the costs result from getting your mortgage loan. Since Agape Mortgage is highly experienced with mortgages and closings, we can help you understand your closing costs.
Loan Estimates (LEs)
Buyers get a “Loan Estimate” of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Agape Mortgage’s experience with mortgage loans, but costs often change by small amounts between delivery of the LE and closing. We answer questions about these costs every day at Agape Mortgage, so please feel free to contact us if you have questions.
We’ve provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Agape Mortgage, we don’t believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with “originating” your loan
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)