How do Closing Costs Work?

Taurus Mortgage Corporation can answer questions about these closing costs. Give us a call: (877) 682-8787.

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Every home sale incurs certain fixed costs. Buyers almost always incur these closing costs, as the real estate sales contract specifies, however, depending on State law the seller will have to cover some of the closing costs. "Closing Costs" are the fees that pay for various services involved when you sell or buy a house. These fees can be paid out of pocket or indirectly by crediting the loan.

As indicated below, many of the buyer's closing costs cover the costs of originating the loan. At Taurus Mortgage Corporation, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your estimate.

Getting The Loan Estimate

Within three days after you apply for a loan, we'll provide you with a Loan Estimate. The Loan Estimate gives you information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward securing your loan.

We go over estimates with buyers every day, so we'd be glad to answer the you have about closing costs.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At Taurus Mortgage Corporation, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

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Standard Closing Costs

Loan-Related Costs

• Interest Payment
• Escrow Fees
• Loan-related costs
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Fee
• Credit Report

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

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