How do Closing Costs Work?

Certain standard costs are related to closing the sale of a home. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.

As you'll see below, many of the closing costs result from getting your mortgage. Since Saab Mortgage has extensive experience with closings and mortgages, we are closing cost experts.

Loan Estimate (LE)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the Loan Estimate (LE) and closing. We handle buyers' questions about closing costs every day at Saab Mortgage, so please be sure to ask if you have questions.

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 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

Loan-Related Costs
  • Escrow Fees
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Saab Mortgage can answer questions about these closing costs. Give us a call: 7032880777.

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Vienna, VA 22182