How do Closing Costs Work?

There are certain standard costs associated with closing the sale of a home. Sellers and buyers customarily share these costs, as the real estate sales contract specifies.

As the list below indicates, many of the costs result from getting your loan. Since Channel Mortgage LLC is highly experienced with mortgages and closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the LE and closing. We handle questions about these costs every day at Channel Mortgage LLC, so don't hesitate to contact us if you have questions.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your application. At Channel Mortgage LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Pulling YourCredit Report
  • Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance if applicable

Channel Mortgage LLC can help you understand closing costs. Call us: 7186399500.

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Channel Mortgage LLC

Connecting the Dots to Home Ownership

55-25 69th Street 1st Floor
Maspeth, NY 11378-1806