Closing Costs for Residential Real Estate Transactions
Every home sale incurs fixed costs. Buyers and sellers customarily share these closing costs, as the real estate sales contract specifies.
Many of the closing costs associated with buying a home are associated with getting a mortgage loan. At Alternative Mortgage Group, 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 Estimates (LEs)
Soon after you submit your application, we'll give you the "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on Alternative Mortgage Group's experience with mortgage loans, but costs usually vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your application. At Alternative Mortgage Group, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At Alternative Mortgage Group, we answer questions about closing costs every day. Call us: 561-395-4264.