Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Buyers & sellers usually negotiate these costs.
As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. At Victoria Capital Mortgage Company, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Soon after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We review Loan Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete 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 Costs
Loan-Related Costs
- Up-front Interest Payment
- Escrow Account
- Taxes
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Obtaining YourCredit Report
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
Victoria Capital Mortgage Company can answer questions about these closing costs. Give us a call: 4083990103.