How do Closing Costs Work?

Every home sale involves certain fixed costs. Sellers and buyers almost always share these costs, as specified in the real estate sales contract.

As indicated below, many of the buyer's costs are related to the costs of originating the loan. Since Triumph Mortgage Inc is highly experienced with closings and mortgages, we are closing cost experts.

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.

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 loan application. At Triumph Mortgage Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Triumph Mortgage Inc can answer questions about these closing costs. Give us a call at 8327302000.

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