About Closing Costs

All residential real estate sales involves fixed costs. Buyers usually pay these closing costs, as specified in the sales contract, however, depending on the contract the seller will have to cover a portion of the closing costs. "Closing Costs" are the fees which cover various services involved when you sell or buy a house. These fees can be paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

As the list below indicates, many of the costs result from getting your mortgage. At Affinity Lending, Inc., we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your estimate.

The Loan Estimate

Buyers will receive a Loan Estimate by three days from when the loan application is submitted to the lender. The Loan Estimate gives you information like insurance and taxes, closing costs, monthly payments and more. Getting an estimate doesn't mean you've been approved, rather it's the first step toward securing your loan.

We go over estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a generic list of closing costs. We will always provide a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

• Up-front Interest Payment
• Escrow Fees
• Loan-related costs
• Points — lower your interest rate (optional)
• Appraisal Fee
• Pulling YourCredit Report

• Insurance
• Transfer Taxes and Recording Fees

• Title Insurance
• Flood / Earthquake Insurance
• Private Mortgage Insurance (PMI)