What are Closing Costs?

Chicago based

mortgage experts.

Ready to set out on the journey of purchasing a house or refinancing a mortgage?

talk Talk With Us

What are Closing Costs?

CLOSING COSTS: A HELPFUL LIST

Certain standard costs are associated with closing the sale of a home. Buyers usually pay these costs, as the real estate sales contract species, 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 in the sale of a home. These fees are either paid directly or indirectly by increasing the loan amount or charging a higher interest rate.

Many of the costs associated with buying a home are associated with getting a loan. At Bluestar Mortgage Inc., we are highly experienced in residential 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 three days from when the loan application is submitted to the lender. The Loan Estimate provides you with 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 obtaining your loan.

We review estimates with buyers every day, so we’d be glad to answer your questions about closing costs.

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 Bluestar Mortgage Inc., 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 (/Closingcosts-loans)

  • Interest Payment
  • Escrow Account
  • Costs associated with “originating” your loan
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report

Property Taxes (/TaxClosingCosts)

  • Transfer Taxes and Recording Fees
  • Insurance

Homeowners Insurance (/insurance.x)

  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance if applicable

In the market for a mortgage loan? We’ll be glad to answer your questions about our many mortgage solutions!

Call us at 847-230-4030 or email us at loans@bluestarhm.com.