Typically Encountered Closing Costs

As indicated below, many of the closing costs result from getting your loan. At Mortgage Masters Inc, we have extensive experience in  mortgage lending, so we can compile a comprehensive list of mortgage-related  costs in your estimate.  There are many fixed costs that buyers almost always pay.  There are also fees that vary and we maintain industry averages for these estimates. Some of the varying  costs vary depend on your selection of title company and insurance company fees.  In addition, there can be fees that the seller can pay or you can control with your interest rate. Please call one of our professionals for details,  It is best to go over this prior to negotiating your contract. 

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 provides you with information like estimated interest rates, payments and fees, closing costs and more. Getting an estimate doesn't mean you've been approved, rather 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.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Mortgage Masters Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.  

Standard Closing Costs

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

• Insurance
• Transfer Taxes & Recording Fees

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