How do Closing Costs Work?
At Community Mortgage, LLC (NMLS: #224143), we answer questions about closing costs every day. Call us at (816) 916-7723.
There are certain standard costs associated with closing the sale of a house. Buyers usually incur these closing costs, as specified in the real estate sales contract, however, depending on the contract the seller may be required to pay a portion of the closing costs. "Closing Costs" are the fees that cover the various services involved when you sell or buy a house. These fees might be paid directly or indirectly by increasing the loan amount or charging a higher interest rate.
As indicated below, many of the closing costs result from getting your loan. Since Community Mortgage, LLC (NMLS: #224143) is highly experienced with closings and mortgages, we can help you understand your closing costs.
Getting The Loan Estimate
Within three days after you apply for a loan, we will provide you with a Loan Estimate. The Loan Estimate gives you information like insurance and taxes, closing costs, monthly payments and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward obtaining your loan.
We handle buyers' questions about these costs every day at Community Mortgage, LLC (NMLS: #224143), so please feel free to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Community Mortgage, LLC (NMLS: #224143), 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
- Appraisal Costs
- Processing Fee
- Underwriting Fee
- Credit Report
- Interest Payment
- Escrow Account
- Points — A fee paid to lower your mortgage interest rate (optional)
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Are you looking for a mortgage loan? We will be glad to help! Give us a call today at (816) 916-7723. Ready to get started? Apply Here