About Closing Costs
There are certain standard costs associated with closing the sale of a home. Sellers and buyers usually share these costs, as the sales contract specifies.
As the list below indicates, many of the costs result from getting your mortgage. Since Avalon Mortgage Services, Inc. an Illinois Residential Mortgage Licensee is highly experienced with closings & mortgages, we often explain the details of closing costs.
Loan Estimates (LEs)
Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We handle questions about these costs every day at Avalon Mortgage Services, Inc. an Illinois Residential Mortgage Licensee, so please be sure to contact us if you have questions.
Below you'll find a general 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
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
At Avalon Mortgage Services, Inc. an Illinois Residential Mortgage Licensee, we answer questions about closing costs every day. Call us at 7084035181.