About Closing Costs
"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Buyers and sellers negotiate the payment of these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At Saab Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
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 Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Saab Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Costs related to "originating" your loan
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Saab Mortgage, we answer questions about closing costs every day. Call us at 703-288-0777.
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