What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Sellers & buyers negotiate to determine who will pay different portions of these closing costs.

Many of the closing costs associated with buying a home are associated with getting the mortgage loan. Since Channel Mortgage LLC is highly experienced with mortgages & closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Soon after you apply for a loan, we will provide you with 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 vary by small amounts between the Loan Estimate (LE) and closing. We explain LEs with buyers almost every day, so we are happy to answer your questions about closing costs.

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

Standard Closing Costs

Loan-Related Costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

Channel Mortgage LLC can help you understand closing costs. Give us a call at (718) 639-9500.

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