About Closing Costs

Certain standard costs are related to closing the sale of a house. Buyers usually incur these closing costs, as the real estate sales contract specifies, however, depending on the contract the seller may be required to pay a portion of the closing costs. "Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. These fees can be paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

As indicated below, many of the closing costs result from getting your mortgage. At American Financial Solutions, Inc., we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your estimate.

Obtaining The Loan Estimate

Three days after you apply for a loan, we will give you a Loan Estimate. The Loan Estimate gives you information like estimated interest rates, payments and fees, closing costs and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward getting your loan.

We go over estimates with buyers every day, so we will be happy to answer your questions about closing costs.

Below is a general list of closing costs. We will always provide a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Obtaining Your Credit Report
• Up-front Interest Payment
• Escrow Fees

• Transfer Taxes and Recording Fees
• Insurance

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