Don't Forget Closing Costs

"Closing Costs" are the fees that pay for various services involved in the sale of a home. Sellers and buyers almost always negotiate to decide how to split these closing costs.

Many of the costs associated with buying a house are associated with getting the loan. At Todays Financing, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".

The Loan Estimate (Also known as the LE)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Todays Financing's experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering 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 will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Todays Financing, 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
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Costs associated with "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Todays Financing, we answer questions about closing costs every day. Give us a call: 2057831113.

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85 Bagby Drive, Ste 337
Homewood, AL 35209