What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Buyers & sellers almost always negotiate to decide how to split these closing costs.

As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. Since Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655 is highly experienced with mortgages & closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Very soon after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at closing.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Pulling YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

At Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655, we answer questions about closing costs every day. Give us a call at (203) 526-9345.

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