What are Closing Costs?

Every home sale incurs fixed costs. Buyers usually pay these costs, as the sales contract specifies, however, depending on State law 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 by 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 toward 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 a specific list of closing costs, with amounts, 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

• Loan-related costs
• Points — lower your mortgage interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Up-front Interest Payment
• Escrow Fees

• Recording Fees & Transfer Taxes
• Insurance

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