Your Closing Costs
"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers & sellers often negotiate these closing costs.
Many of the closing costs associated with buying a house are associated with getting the mortgage. Since Avalon Mortgage Services, Inc. is highly experienced with closings & mortgages, we often explain the details of closing costs.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the LE and closing. We handle buyers' questions about these costs every day at Avalon Mortgage Services, Inc., so please be sure to ask if we can help answer your questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Avalon Mortgage Services, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Pulling YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Avalon Mortgage Services, Inc. can answer questions about these closing costs. Call us at (708) 403-5181.