About Closing Costs
"Closing Costs" are the fees that pay for various services involved in the sale of a home. Sellers and buyers almost always negotiate the payment of these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage loan. Since Victoria Capital Mortgage Company is highly experienced with closings and mortgages, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Soon after you apply for a loan, we'll give you a "Loan Estimate" of your costs. This cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very accurate, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at closing.
Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related CostsProperty Taxes
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Taxes
- Loan-related costs
Homeowners Insurance
- Transfer Taxes & Recording Fees
- Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
