About Closing Costs
Mortgage Direct Inc. can help you understand closing costs. Call us: 1-844-MBROKER (1-844-627-6537).
There are certain standard costs associated with closing the sale of a house. Buyers almost always incur these closing costs, as the sales contract specifies, however, depending on the contract the seller may have to split a portion of the closing costs.
"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. These fees can be paid directly or indirectly by increasing the loan amount or charging a higher interest rate.
As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Mortgage Direct Inc. has extensive experience with closings & mortgages, we can help you understand your closing costs.
Obtaining The Loan Estimate
Three days after you submit your application, we'll provide you with a Loan Estimate. The Loan Estimate provides you with information like estimated interest rates, payments and fees, closing costs and more. This estimate is not an approval, but it's the first step toward getting your loan.
We go over estimates with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
Below you'll find a fairly general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your estimate.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Shopping for a mortgage? We will be glad to help! Call us at 1-844-MBROKER (1-844-627-6537). Ready to begin? Apply Here