"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Buyers and sellers negotiate the payment of these costs.
As you'll see below, many of the costs result from getting your loan. At Churchill Mortgage Company, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Churchill Mortgage Company's experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Churchill Mortgage Company, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Recording Fees & Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Churchill Mortgage Company, we answer questions about closing costs every day. Give us a call at (703) 551-4107.