About Closing Costs

All residential real estate transactions involves certain fixed costs. Buyers customarily pay these costs, as specified in the real estate sales contract, however, depending on State law the seller may be required to pay some of the closing costs. "Closing Costs" are the fees that cover the various services involved in the sale of a house. These fees are either paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

Many of the costs associated with buying residential real estate are associated with getting the mortgage. At Seattle Mortgage Brokers LLC, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your estimate.

The Loan Estimate

Buyers will receive a Loan Estimate by three days from when the loan application is submitted to the lender. The Loan Estimate details 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 obtaining your loan.

We handle buyers' questions about these costs every day at Seattle Mortgage Brokers LLC, so please feel free to contact us if we can help answer your questions.

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

Standard Closing Costs

• Pulling YourCredit Report
• Interest Payment
• Escrow Account
• Loan-related costs
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Fee

• Transfer Taxes & Recording Fees
• Insurance

• Title Insurance
• Flood or Quake Insurance
• Private Mortgage Insurance (PMI)