How do Closing Costs Work?
All residential real estate sales involves certain fixed costs. Sellers and buyers customarily split these closing costs, as the sales contract specifies.
As indicated below, many of the closing costs result from getting your mortgage. At Triumph Mortgage Inc, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimate (LE)
Very soon after you apply for a loan, we will give you the "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, 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
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Triumph Mortgage Inc can answer questions about these closing costs. Give us a call: 8327302000.