Don't Forget Closing Costs
There are certain standard costs associated with closing the sale of a home. Sellers and buyers usually share these closing costs, as the real estate sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. At Alternative Mortgage Group, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the 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.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Alternative Mortgage Group, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Transfer Taxes & Recording Fees
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Alternative Mortgage Group can help you understand closing costs. Give us a call at 561-395-4264.