"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers and buyers negotiate these closing costs.
As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. Since American Mortgage Services is highly experienced with closings & mortgages, we often explain the details of closing costs.
Soon after you submit your application, we will give you the "Loan Estimate" of your closing costs. We base this cost estimate on our extensive past experience. Please note that while our LEs are very precise, we can't always predict your closing costs to the penny. We explain Loan Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Obtaining Your Credit Report Interest Payment Escrow Fees Various TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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