About Closing Costs
"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Buyers & sellers often negotiate these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the loan. Since Coleman Mortgage Company has extensive experience with mortgages & closings, we are closing cost experts.
Loan Estimates (LEs)
Very soon after you apply for a loan, we'll give you a "Loan Estimate" of your costs. This cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
Below is a general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Getting YourCredit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Coleman Mortgage Company can help you understand closing costs. Call us: 972-932-9083.