Don't Forget Closing Costs
"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Buyers & sellers often negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At Lopez Financial Inc, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Lopez Financial Inc's experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We review LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Lopez Financial Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Transfer Taxes and Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Lopez Financial Inc, we answer questions about closing costs every day. Give us a call: 626.339.4445.
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