Don't Forget Closing Costs
Certain standard costs are associated with closing the sale of a home. Buyers and sellers customarily split these costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's costs cover the costs of getting the loan. At Saab Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
The Loan Estimate (LE)
Very soon after you submit your application, we'll provide you with the "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We explain Loan Estimates with buyers every day, so we are happy to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed 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
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Saab Mortgage can answer questions about these closing costs. Call us at 7032880777.