About Closing Costs
Founders Mortgage Inc can answer questions about these closing costs. Give us a call: 405-418-8545.
All residential real estate sales involves certain costs. Buyers customarily incur these closing costs, as the real estate sales contract specifies, however, depending on State law the seller will have to cover a portion of the closing costs. "Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. These fees can be paid directly or indirectly by increasing the loan amount or charging a higher interest rate.
Many of the costs associated with buying a house are associated with getting the mortgage loan. Since Founders Mortgage Inc is highly experienced with mortgages and closings, we often explain the details of closing costs.
Getting The Loan Estimate
Buyers will receive a Loan Estimate around the time the loan application is submitted to the lender. The Loan Estimate details information like estimated interest rates, payments and fees, closing costs and more. This estimate is not an approval, but it's the first step toward getting your loan.
We will be glad to review the estimate, answering your questions and highlighting costs that sometimes vary a little bit at the closing table.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Founders Mortgage Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Pulling YourCredit Report
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
Shopping for a mortgage loan? We can assist you! Give us a call today at 405-418-8545. Ready to begin? Apply Now