How do Closing Costs Work?
Tigers Community Credit Union can help you understand closing costs. Give us a call: 573-443-8462.
There are certain standard costs associated with closing the sale of a home. Buyers almost always pay these closing costs, as the sales contract specifies, however, depending on State law the seller may have to split a portion of the closing costs. "Closing Costs" are the fees which cover various services involved in the sale of residential real estate. These fees are either paid directly or indirectly by crediting the loan.
As indicated below, many of the closing costs result from getting your mortgage loan. At Tigers Community Credit Union, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your estimate.
Obtaining The Loan Estimate
Buyers will get a Loan Estimate by three days from when the loan application is submitted to the lender. The Loan Estimate gives you information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. Getting an estimate doesn't mean you've been approved, rather it's the first step toward getting your loan.
We handle questions about these costs every day at Tigers Community Credit Union, so don't hesitate to ask if you have questions.
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 complete your application. At Tigers Community Credit Union, 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
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Looking for mortgage advice? We'll be glad to talk about our many mortgage solutions! Give us a call today at 573-443-8462. Ready to begin? Apply Now.