Closing Costs

There are certain standard costs related to closing the sale of a house. Buyers customarily incur these costs, as specified in the real estate sales contract, however, depending on the contract the seller may be required to pay a portion of the closing costs. "Closing Costs" are the fees that pay for the various services involved in the sale of a house. These fees are either paid directly or indirectly by crediting the loan.

As you'll see below, many of the closing costs result from getting your mortgage loan. Since Cypress Mortgage is highly experienced with mortgages and closings, we are closing cost experts.

Getting The Loan Estimate

Within three days after you submit your application, we'll provide you with a Loan Estimate. The Loan Estimate details information like estimated interest rates, payments and fees, closing costs and more. This estimate is not an approval, rather it's the first step toward getting your loan.

We explain estimates with buyers every day, so we will be happy to answer your questions 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, very soon after you have completed your loan application. At Cypress Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Fee
• Credit Report
• Up-front Interest Payment
• Escrow Fees

• Transfer Taxes and Recording Fees
• Insurance

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