What are Closing Costs?
"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Buyers and sellers negotiate the payment of these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. At Victoria Capital Mortgage Company, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Victoria Capital Mortgage Company, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)