Closing Cost Estimation

Closing costs refer to the expenses over and above the price of the property that buyers and sellers normally incur to complete a real estate transaction. These costs include loan origination fees, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges.

Mortgage brokers generally provide a Loan Estimate form within three days of receiving your application which details your loan amount, interest rate, monthly payment and total closing costs for the loan. You can also use online tools or calculators available on financial websites to get a rough estimation.

Yes, some closing costs can be negotiated or reduced. For example, you can shop around for certain services like pest inspection reports or surveying. Some lenders might also be willing to waive certain charges or fees. Its always worth asking your mortgage broker about options for lowering these expenses.