How Much will my Closing Costs be?

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Certain standard costs are associated with closing the sale of a home. Buyers usually incur these costs, as specified in the real estate sales contract, however, depending on the contract the seller may have to split a portion of the closing costs. "Closing Costs" are the fees which cover the various services involved when you sell or buy a home. These fees are either paid directly or indirectly by crediting the loan.

As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Net Equity Financial Mortgage is highly experienced with mortgages & closings, we often explain the details of closing costs.


Obtaining The Loan Estimate

Within three days after you apply for a loan, we will provide you with a Loan Estimate. The Loan Estimate gives you 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 securing your loan.

We will be glad to review the estimate, answering your questions and pointing out costs that can vary a little bit at closing.

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

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Standard Closing Costs

Loan-Related Costs
  • Getting YourCredit Report
  • Interest Payment
  • Escrow Fees
  • Costs related to "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)

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