About Closing Costs
There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always share these closing costs, as the sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of getting the mortgage loan. At Advantage Funding, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, we cannot always estimate your closing costs to the penny. We go over Loan Estimates with buyers almost every day, so we are happy to answer the you have about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Advantage Funding, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Escrow Account
- Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
At Advantage Funding, we answer questions about closing costs every day. Call us at 925-628 6200.