What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved in the sale of a house. Sellers & buyers negotiate to decide how to split these closing costs.
As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. At Hook and Ladder Lending - powered by Sublime Financial, LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (LE)
Very soon after you submit your application, we will give you the "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your application. At Hook and Ladder Lending - powered by Sublime Financial, 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
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Account
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
Hook and Ladder Lending - powered by Sublime Financial, LLC can help you understand closing costs. Give us a call at 9722920448.