What are Closing Costs?

"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Sellers & buyers almost always negotiate the payment of these costs.

As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. Since Advantage Funding is highly experienced with closings & mortgages, we are closing cost experts.

Loan Estimate (LE)

Buyers will 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 LE are estimated based on Advantage Funding's experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can change slightly at closing.

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

Standard Closing Costs

Loan-Related Costs

• Obtaining YourCredit Report
• Up-front Interest Payment
• Escrow Account
• Taxes
• Loan Origination Fee
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee

Property Taxes

• Insurance
• Transfer Taxes and Recording Fees

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Quake Insurance

Advantage Funding can answer questions about these closing costs. Call us at 925-628 6200.