• How do Closing Costs Work? 

    There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily share these closing costs, as specified in the sales contract. As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. At FirstStar Lending Solutions, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".

    The Loan Estimate (Also know as the LE)

    Soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on FirstStar Lending Solutions experience with mortgage loans. Costs usually change by small amounts between delivery of the Loan Estimate (LE) and Closing Disclosure (CD). We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs. We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At FirstStar Lending Solutions, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

    Standard Closing Costs

    Loan Related Costs (/Closing costs loans)

    Escrow Fees
    Taxes
    Loan Origination Fee
    Points — These are costs you pay upfront
    to lower your interest rate (optional)
    Appraisal Costs
    Pulling Your Credit Report
    Upfront
    Interest Payment

    Property Taxes (/Tax Closing Costs)

    Insurance
    Recording Fees & Transfer Taxes

    Homeowners Insurance (/Closing costs Ins)

    Title Insurance
    Flood or Quake Insurance if applicable
    Private Mortgage
    Insurance (PMI