Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Sellers & buyers usually negotiate to decide how to split these costs.

As indicated below, many of the buyer's closing costs cover the costs of getting the loan. Since Victoria Capital Mortgage Company has extensive experience with closings and 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 enumerated in the LE are estimated based on Victoria Capital Mortgage Company's experience with mortgage loans, but costs often change a little bit between delivery of the LE and closing. We field questions about closing costs every day at Victoria Capital Mortgage Company, so don't hesitate to contact us if we can help answer your questions.

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 application. At Victoria Capital Mortgage Company, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Fees
• Taxes
• Costs related to "originating" your loan
• Points — A fee paid to lower your interest rate (optional)

Property Taxes

• Insurance
• Transfer Taxes and Recording Fees

Homeowners Insurance

• Title Insurance
• Flood or Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)

At Victoria Capital Mortgage Company, we answer questions about closing costs every day. Call us: 4083990103.