Every home sale involves certain fixed costs. Sellers and buyers customarily split these closing costs, as the real estate sales contract specifies.
Many of the closing costs associated with buying a house are associated with getting the mortgage. Since Alternative Mortgage Group is highly experienced with mortgages & closings, we often explain the details of closing costs.
Very shortly after you submit your application, we will provide you with a "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on Alternative Mortgage Group's experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at closing.
Below you'll find a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Various TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Fees Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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