What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. Buyers and sellers almost always negotiate these closing costs.

As the list below indicates, many of the costs result from getting your mortgage loan. At AmeriBest Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

Loan Estimate (Also known as the LE)

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

Below is a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

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

At AmeriBest Mortgage, we answer questions about closing costs every day. Call us: 3217777277.

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