What are Closing Costs?

Every home sale involves fixed costs. Sellers and buyers almost always split these closing costs, as the real estate sales contract specifies.

Many of the costs associated with buying a house are associated with getting the mortgage. At The Mortgage Partner, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".

Loan Estimate (Also known as the LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We answer buyers' questions about closing costs every day at The Mortgage Partner, so please feel free to contact us if we can help answer your questions.

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

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

The Mortgage Partner can answer questions about these closing costs. Call us at 8888107112.

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The Mortgage Partner

30100 Crown Valley Parkway, Suite 11
Laguna Niguel, CA 92677