What are Closing Costs?
"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate to determine who will pay different portions of these costs.
As the list below indicates, many of the costs result from getting your loan. At Victoria Capital Mortgage Company, we are highly experienced in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Very shortly after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the Loan Estimate (LE) and closing. We answer questions about these costs every day at Victoria Capital Mortgage Company, so please feel free to contact us if you have questions.
Below you'll find a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Fees
- Taxes
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
Property Taxes
- Insurance
- Transfer Taxes & Recording Fees
Homeowners Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Victoria Capital Mortgage Company can answer questions about these closing costs. Give us a call at 4083990103.