About Closing Costs

"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Sellers and buyers negotiate to decide how to split these closing costs.

Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Channel Mortgage LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".

Loan Estimate (LE)

Very soon after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We field questions about closing costs every day at Channel Mortgage LLC, so don't hesitate to ask if you have questions.

Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Taxes
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Channel Mortgage LLC can answer questions about these closing costs. Call us: (718) 639-9500.

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