What are Closing Costs?
There are certain standard costs related to closing the sale of a home. Buyers and sellers customarily split these costs, as the sales contract specifies.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At Augusta Mortgage Solutions, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we'll give you a "Loan Estimate" of your costs. The closing costs specified in the LE are estimated based on Augusta Mortgage Solutions's experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Augusta Mortgage Solutions, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Escrow Fees
- Taxes
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
Property Taxes
- Recording Fees & Transfer Taxes
- Insurance
Homeowners Insurance
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Augusta Mortgage Solutions, we answer questions about closing costs every day. Give us a call: 7068605514.