Closing Costs for Residential Real Estate Transactions
At Diamond Mortgage Lending, we answer questions about closing costs every day. Call us at 888-365-2023.
All residential real estate transactions incurs certain fixed costs. Buyers customarily pay these closing costs, as specified in the sales contract, however, depending on State law the seller may be required to pay a portion of the closing costs.
"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. These fees can be paid directly or indirectly by crediting the loan.
As you'll see below, many of the closing costs result from getting your loan. Since Diamond Mortgage Lending has extensive experience with closings & mortgages, we are closing cost experts.
The Loan Estimate
Buyers will get a Loan Estimate within three days from when the loan application is submitted to the lender. The Loan Estimate details information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. Getting an estimate doesn't mean you've been approved, rather it's the first step toward securing your loan.
We answer questions about these costs every day at Diamond Mortgage Lending, so don't hesitate to ask if you have questions.
Below is a generic list of closing costs. We will provide you with a specific list of your closing costs when we give you an estimate.
Standard Closing Costs
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Shopping for a mortgage loan? We can help! Call us at 888-365-2023. Want to get started? Apply Here