Expected closing costs

There are certain basic fees related to closing the sale of a house. These expenses are usually divided between the buyer and seller, as spelled out in the sales contract. Many are universal, but there are nuances to each, so you'll want a real estate expert in Illinois to help lead you through the deal.

Costs pertaining to your mortgage to be paid at closing    (Click here for details)

  • Points (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account

At closing, the following taxes are usually collected    (Click here for details)

  • Property Taxes
  • Transfer Taxes and Recording Fees

At closing, these fees are often due    (Click here for details)

  • Homeowners Insurance
  • Flood or Quake Insurance (optional)
  • Private Mortgage Insurance (PMI) (optional)
  • Title Insurance

Sellers: As we negotiate your sale, I'll not only work to get the optimal sales price, but I'll also push for lower closing costs. And once we've arrived at an agreement, I'll give a detailed list of the closing costs so you know exactly what you're paying for.

Buyers: When purchasing a property in Cook County, you'll receive a "Loan Estimate" (LE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's previous experience and is required to be within an acceptable range so you're not shocked when you come to the closing table. I'll be happy to go through the LE with you, answering your questions and highlighting any estimates that seem unusual.

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