How do Closing Costs Work?

Liberty Mortgage can answer questions about these closing costs. Call us: 281-542-7392.

There are certain standard costs related to closing the sale of a house. Buyers usually pay these closing costs, as specified in the sales contract, however, depending on State law the seller may have to split a portion of the closing costs. "Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. These fees can be paid directly or indirectly by crediting the loan.

As indicated below, many of the closing costs result from getting your mortgage loan. At Liberty Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your estimate.

Obtaining The Loan Estimate

Buyers will get a Loan Estimate three days from when the loan application is submitted to the lender. The Loan Estimate gives you information like estimated interest rates, payments and fees, closing costs and more. Getting an estimate doesn't mean you've been approved, rather it's the first step toward getting your loan.

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

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Liberty 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-Related Costs
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
Are you looking for a mortgage loan? We'll be glad to answer your questions about your mortgage needs! Call us at 281-542-7392. Ready to get started? Apply Online Now.

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