What are Closing Costs?

Every home sale incurs  fixed costs. Buyers usually pay these  costs, as the  sales contract specifies, however, depending on state laws the seller may have to split some of the closing costs. "Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. These fees might be paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

As indicated below, many of the buyer's costs cover the costs of originating the loan. Since Integrity Lending has extensive experience with closings & mortgages, we can help you understand your closing costs.

Obtaining the Loan Estimate

Buyers will get a Loan Estimate within three days from when the loan application is submitted to the lender. The Loan Estimate provides you with information like estimated interest rates, payments and fees, closing costs and more. This estimate is not an approval, but it's the first step towards getting your loan.

We go over estimates with buyers every day, so we'd be glad to answer your questions about closing costs and pre-paid expenses.

We've provided a general list of closing costs below, but we'll provide you with a specific list of closing costs, including a reasonable estimate of what you can expect to pay,  soon after you have completed your loan application. At Integrity Lending, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Origination Charges

• Loan-related costs
• Administration or Processing fees
• Points — lower your mortgage interest rate (optional)
• Up-front Interest Payment

Services Borrower Can't Shop For

• Appraisal Costs
• Getting Your Credit Report 
• Flood Certification
• Tax Related Service Fee
• MERS Registration Fee

Services Borrower Can Shop For

• Title Insurance
• Survey
• Pest Inspection

Taxes and Other Government Fees

• Recording Fees & Transfer Taxes

Prepaids

• Homeowner's Insurance
• Flood Insurance, if applicable
• Private Mortgage Insurance (PMI) 
• Prepaid Interest

Initial Escrow Payment at Closing

• Property Taxes
• Homeowner's Insurance
• Flood Insurance, if applicable

Other

• Owner’s Title Insurance