Understanding Closing Costs
Mortgage Planning Group can answer questions about these closing costs. Call us: (412) 241-2001.
All residential real estate transactions incurs fixed costs. Buyers usually pay these closing costs, as specified in the sales contract, however, depending on the contract the seller will have to cover some of the closing costs. “Closing Costs” are the fees that cover various services involved in the sale of a house. These fees are either paid directly or indirectly by crediting the loan.
Many of the costs associated with buying a house are associated with getting a loan. At Mortgage Planning Group, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your estimate.
Obtaining The Loan Estimate
Buyers will receive a Loan Estimate around the time 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. This estimate is not an approval, but it’s the first step toward getting your loan.
We explain estimates with buyers every day, so we are happy to answer your questions about closing costs.
Below is a general list of closing costs. We will provide a specific list of your closing costs when we provide your estimate.
Standard Closing Costs
Loan Origination Fee
Points — lower your mortgage interest rate (optional)
Transfer Taxes and Recording Fees
Private Mortgage Insurance (PMI)
Flood / Quake Insurance