About Closing Costs

Every home sale incurs fixed costs. Buyers almost always incur these costs, as specified in the sales contract, however, depending on the contract the seller may have to split some of the closing costs. "Closing Costs" are the fees which cover various services involved when you sell or buy a home. These fees might be paid out of pocket or indirectly by crediting the loan.

As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since American Mortgage Services, Inc. has extensive experience with closings & mortgages, we are closing cost experts.

Getting The Loan Estimate

Three days after you apply for a loan, we'll give you a Loan Estimate. The Loan Estimate gives you information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. This estimate is not an approval, but it's the first step toward securing your loan.

We will be glad to review the estimate, answering your questions and highlighting 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 complete your loan application. At American Mortgage Services, 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
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee
• Pulling Your Credit Report
• Interest Payment
• Escrow Account

• Insurance
• Recording Fees and Transfer Taxes

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