What are Closing Costs?

There are certain standard costs related to closing the sale of a house. Buyers customarily pay these costs, as specified in the sales contract, 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 can be paid directly or indirectly by increasing the loan amount or charging a higher interest rate.

As indicated below, many of the costs result from getting your loan. Since Pacificwide Lending has extensive experience with closings & mortgages, we are closing cost experts.

Getting The Loan Estimate

Three days after you submit your application, we will give you a Loan Estimate. The Loan Estimate provides you with information like estimated interest rates, payments and fees, closing costs and more. This estimate is not an approval, but it's the first step toward obtaining your loan.

We review estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.

Below is a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Account
• Loan Origination Fee
• Points — A fee paid to lower your mortgage interest rate (optional)

• Recording Fees & Transfer Taxes
• Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Quake Insurance