"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Sellers and buyers almost always negotiate these costs.
Many of the costs associated with buying a house are associated with getting the mortgage. At AmeriBest Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on AmeriBest Mortgage's experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes
InsuranceRecording Fees & Transfer Taxes
Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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