What are Closing Costs?
All residential real estate transactions incurs certain fixed costs. Sellers and buyers almost always share these costs, as the sales contract specifies.
As indicated below, many of the closing costs result from getting your mortgage loan. At Mortgage Headquarters of Missouri, Inc, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
The Loan Estimate (LE)
Very soon after you apply for a loan, we will give you a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on Mortgage Headquarters of Missouri, Inc's experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Mortgage Headquarters of Missouri, Inc, 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
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Mortgage Headquarters of Missouri, Inc can help you understand closing costs. Call us: 5733029990.