What are Closing Costs?
"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Sellers and buyers negotiate the payment of these closing costs.
As the list below indicates, many of the closing costs result from getting your mortgage loan. Since Saab Mortgage has extensive experience with mortgages and closings, we can help you understand your closing costs.
Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Saab Mortgage's experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your 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
- Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At Saab Mortgage, we answer questions about closing costs every day. Give us a call: 703-288-0777.
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