What are Closing Costs?

At Quantum Mortgage, we answer questions about closing costs every day. Give us a call at (914) 287-2405.

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

As the list below indicates, many of the closing costs result from getting your mortgage. At Quantum Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your estimate.

Obtaining The Loan Estimate

Buyers will receive a Loan Estimate three days from when the loan application is submitted to the lender. The Loan Estimate lays out information like estimated interest rates, payments and fees, closing costs and more. This estimate is not an approval, but it's the first step toward getting your loan.

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

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

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Standard Closing Costs

Loan-Related Costs

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

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

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