Your Closing Costs
West Community Credit Union can answer questions about these closing costs. Give us a call at 636-720-2432.
All residential real estate transactions involves fixed costs. Buyers usually incur these costs, as specified in the sales contract, however, depending on State law the seller may be required to pay some of the closing costs. "Closing Costs" are the fees which pay for the various services involved in the sale of a house. These fees can be paid out of pocket or indirectly by crediting the loan.
Many of the costs associated with buying a house are associated with getting the loan. Since West Community Credit Union has extensive experience with closings & mortgages, we often explain the details of closing costs.
The Loan Estimate
Three days after you submit your application, we will provide you with a Loan Estimate. The Loan Estimate details information like estimated interest rates, payments and fees, closing costs and more. Getting an estimate doesn't mean you've been approved, rather 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 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 complete your application. At West Community Credit Union, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Searching for a loan? We'll be glad to discuss our mortgage offerings! Give us a call today at 636-720-2432. Want to get started? Apply Now