Closing Costs for Residential Real Estate Transactions
Certain standard costs are associated with closing the sale of a house. Sellers and buyers usually split these closing costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At Triumph Mortgage Inc, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We review LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Triumph Mortgage Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Recording Fees & Transfer Taxes
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Triumph Mortgage Inc can help you understand closing costs. Give us a call: 8327302000.