Closing Costs

There are certain standard costs associated with closing the sale of a home. Buyers almost always incur these closing costs, as the sales contract specifies, however, depending on the contract the seller may have to split a portion of the closing costs. "Closing Costs" are the fees which pay for the various services involved in the sale of a house. These fees are either paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

As you'll see below, many of the closing costs result from getting your loan. Since ICM Lending has extensive experience with mortgages and closings, we are closing cost experts.

Getting The Loan Estimate

Within three days after you submit your application, we will give you a Loan Estimate. 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 securing your loan.

We will be glad to review the estimate, answering questions and pointing out costs that can vary a little bit at closing.

Below you'll find a general list of closing costs. We will provide a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

• Up-front Interest Payment
• Escrow Fees
• Loan Origination Fee
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Fee
• Credit Report

• Transfer Taxes & Recording Fees
• Insurance

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