"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Sellers & buyers often negotiate to decide how to split these costs.
As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. Since Alternative Mortgage Group is highly experienced with closings & mortgages, we are closing cost experts.
Soon after you submit your application, we will give you a "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 change by small amounts between the Loan Estimate (LE) and closing. We review LEs with buyers every day, so we will be happy to answer your questions about closing costs.
Below is a fairly general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Credit Report Up-front Interest Payment Escrow Account Various TaxesLoan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Fee Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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