About Closing Costs

There are certain standard costs related to closing the purchase of a home. Buyers customarily pay costs associated with the mortgage, as the real estate 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 pay for the various services involved in the sale of residential real estate. These fees are either paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

Many of the costs associated with buying residential real estate are associated with getting the loan. At Platinum Advantage Mortgage, we are highly experienced in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your estimate.

Getting 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 details information like insurance and taxes, closing costs, monthly payments and more. This estimate is not an approval, rather it's the first step toward getting your loan.

We field buyers' questions about these costs every day at Platinum Advantage Mortgage, so please feel free to contact us if you have questions.

Below is a fairly general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

• Loan Origination Fee
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee
• Obtaining Your Credit Report
• Interest Payment
• Escrow Fees

• Insurance
• Transfer Taxes and Recording Fees

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