What are Closing Costs?

"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate to determine who will pay different portions of these closing costs.

As you'll see below, many of the closing costs result from getting your mortgage loan. Since Lopez Financial Inc has extensive experience with mortgages & closings, we are closing cost experts.

Loan Estimates (LEs)

Soon after you apply for a loan, we will give you a "Loan Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very precise, we cannot always estimate closing costs to the penny. We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs.

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

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance

Lopez Financial Inc can answer questions about these closing costs. Give us a call at 626.339.4445.

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