What are Closing Costs?

Certain standard costs are related to closing the sale of a home. Buyers customarily pay these closing costs, as specified in the sales contract, however, depending on the contract the seller may have to split some of the closing costs. "Closing Costs" are the fees which pay for the various services involved in the sale of a home. These fees are either paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. At Axiom Lending Group, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your estimate.

Getting The Loan Estimate

Buyers will receive a Loan Estimate within three days from when the loan application is submitted to the lender. The Loan Estimate lays out information like insurance and taxes, closing costs, monthly payments and more. This estimate is not an approval, rather it's the first step toward securing your loan.

We will be glad to review the estimate, answering your questions and highlighting costs that sometimes change slightly at closing.

Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we give you an estimate.

Standard Closing Costs

• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee
• Obtaining Your Credit Report
• Up-front Interest Payment
• Escrow Fees
• Loan Origination Fee

• Insurance
• Recording Fees & Transfer Taxes

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