Certain standard costs are related to closing the sale of a house. Sellers and buyers customarily share these closing costs, as specified in the sales contract.

As indicated below, many of the closing costs result from getting your mortgage. Since Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655 has extensive experience with mortgages & closings, we are closing cost experts.

Loan Estimates (LEs)

Buyers get 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 our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We answer questions about these costs every day at Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655, so don’t hesitate to contact us if you have questions.

We’ve provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655, we don’t believe in surprises, so if your costs change, we’ll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

  • Getting YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
  • Points — lower your interest rate (optional)
  • Appraisal Fee

Property Taxes

  • Insurance
  • Recording Fees and Transfer Taxes

Homeowners Insurance

  • Title Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Tax Closing Costs

Property Taxes

This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the seller occupied the property.

Transfer Taxes and Recording Fees

This is the cost for transferring ownership of the property and recording the purchase documents. The fee is often calculated as a percentage of the sales price.