"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Buyers and sellers usually negotiate to decide how to share these costs.
As indicated below, many of the costs result from getting your mortgage loan. Since Alternative Mortgage Group is highly experienced with mortgages and closings, we can help you understand your closing costs.
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between the Loan Estimate (LE) and closing. We field buyers' questions about closing costs every day at Alternative Mortgage Group, so please be sure to contact us if we can help answer your questions.
Below is a generic list of costs for buying a home. 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 Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Fee Credit Report Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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