What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Buyers & sellers often negotiate to determine who will pay different portions of these closing costs.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. Since Stepping Stone Mortgage has extensive experience with mortgages and closings, we often explain the details of closing costs.

Loan Estimate (Also known as the LE)

Soon after you submit your application, we'll provide you with a "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. It's important to note that while our LEs are very precise, we can't always predict your closing costs to the penny. We go over Loan Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.

Below is a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance if applicable

Stepping Stone Mortgage can help you understand closing costs. Give us a call: (541) 683-3300.

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