"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Channel Mortgage LLC, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Very soon after you submit your application, we will provide you with the "Loan Estimate" of your costs. The closing costs specified in the LE are estimated based on Channel Mortgage LLC's experience with mortgage loans, but costs often vary a little bit between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at the closing table.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — lower your mortgage interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Account Various TaxesCosts related to "originating" your loan Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance if applicable
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