What are Closing Costs?

There are certain standard costs associated with closing the sale of a house. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.

As you'll see below, many of the closing costs result from getting your mortgage. Since Great Mortgage NMLS#478647 has extensive experience with mortgages & closings, we are closing cost experts.

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on Great Mortgage NMLS#478647's experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We review LEs with buyers every day, so we will be happy to answer the you have about closing costs.

Below you'll find a generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance

Great Mortgage NMLS#478647 can help you understand closing costs. Call us: 708.966.9005.

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