What are Closing Costs?
"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Sellers and buyers almost always negotiate these costs.
As you'll see below, many of the costs result from getting your mortgage loan. At Saab Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on Saab Mortgage's experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We go over Loan Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
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 have completed your application. At Saab Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Saab Mortgage can answer questions about these closing costs. Give us a call: 703-288-0777.
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