Don't Forget Closing Costs
"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Sellers & buyers negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. Since Victoria Capital Mortgage Company has extensive experience with closings & mortgages, we are closing cost experts.
Loan Estimates (LEs)
Soon after you submit your application, we'll give you the "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
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 complete your loan 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
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes & Recording Fees
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance