About Closing Costs
There are certain standard costs related to closing the sale of a home. Sellers and buyers usually share these costs, as the sales contract specifies.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. Since Advantage Funding has extensive experience with mortgages & closings, we are closing cost experts.
Loan Estimate (Also known as the LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on Advantage Funding's experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We review LEs with buyers almost every day, so we are happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Advantage Funding, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Advantage Funding can help you understand closing costs. Give us a call at 925-628 6200.