What are Closing Costs?

At Am1st Financial, we answer questions about closing costs every day. Give us a call at 872-222-6178.

There are certain standard costs related to closing the sale of a house. Buyers usually pay these costs, as the sales contract specifies, however, depending on State law the seller may have to split some of the closing costs. "Closing Costs" are the fees that cover the various services involved when you sell or buy a home. These fees can be paid directly or indirectly by increasing the loan amount or charging a higher interest rate.

As you'll see below, many of the costs result from getting your mortgage loan. Since Am1st Financial has extensive experience with closings and mortgages, we are closing cost experts.

The Loan Estimate

Within three days after you submit your application, we will provide you with a Loan Estimate. The Loan Estimate gives you information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward securing your loan.

We go over estimates with buyers every day, so we'd be glad to answer the you have about closing costs.

Below is a general list of closing costs. We will provide a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance
Are you looking for a mortgage loan? We will be glad to assist you! Call us at 872-222-6178. Want to get started? Apply Now.

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