Closing Costs for Residential Real Estate Transactions
Every home sale incurs certain costs. Buyers and sellers customarily share these closing costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your loan. Since Coleman Mortgage Company is highly experienced with closings & mortgages, we often explain the details of closing costs.
Loan Estimates (LEs)
Very soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the LE and closing. We go over LEs with buyers every day, so we'd be glad to answer the you have about closing costs.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes & Recording Fees
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Coleman Mortgage Company can help you understand closing costs. Give us a call: 972-932-9083.