What are Closing Costs?
"Closing Costs" are the fees which pay for various services involved when you sell or buy residential real estate. Buyers & sellers negotiate to determine who will pay different portions of these costs.
Many of the closing costs associated with buying a home are associated with getting the loan. At Churchill Mortgage Company, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We go over LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Churchill Mortgage Company, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Fees
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
Churchill Mortgage Company can help you understand closing costs. Call us: (703) 551-4107.