What are Closing Costs?

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"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers and buyers negotiate these costs.

As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since Mason Mortgage Advisors is highly experienced with mortgages and closings, we are closing cost experts.

Loan Estimate (LE)

Soon after you submit your application, we'll give you the "Loan Estimate" of your closing costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at the closing table.

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

Standard Closing Costs

Loan-Related Costs
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance
Mason Mortgage Advisors can help you understand closing costs. Call us at 314-395-8300.

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