About Closing Costs

"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Sellers & buyers almost always negotiate the payment of these closing costs.

As you'll see below, many of the buyer's costs cover the costs of getting the loan. At Channel Mortgage LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Channel Mortgage LLC's experience with mortgage loans, but costs often change a little bit between the LE and closing. We go over LEs with buyers 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 closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Account
  • Taxes
  • Costs associated with "originating" your loan
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

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

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