Equity 123 Lending

Closing Costs

Mortgage options refer to the various choices available to homebuyers when selecting a loan to finance their property purchase.

Closing Costs

Closing costs refer to the fees and expenses associated with the final stage of a real estate transaction when transferring ownership of a property from the seller to the buyer

What are Closing Costs?

Closing costs are the expenses incurred by both the buyer and seller during the closing process of a property sale. These costs typically include various fees, taxes, and charges associated with the transfer of ownership.

Components of Closing Costs

Closing costs may vary depending on factors such as the location of the property and the specific transaction. However, here are some standard components of closing costs:

  • Loan-related fees: Origination fees, application fees, and points (if applicable).
  • Title-related fees: Title search, title insurance, and recording fees.
  • Appraisal fees: Cost associated with property appraisal.
  • Inspection fees: Costs for home inspections and other necessary inspections.
  • Attorney fees: Fees for legal representation during the closing process.
  • Escrow fees: Charges for managing the funds and documents during the closing process.
  • Property taxes and insurance: Prorated taxes and insurance premiums.

Factors Affecting Closing Costs

  • Property Value: Closing costs are often a percentage of the property's sale price. Higher-priced properties may result in higher closing costs.
  • Location: Closing costs can vary based on the location of the property. Different states or regions may have different fees, taxes, and regulations that impact the overall closing costs.
  • Loan Amount: The size of the loan can influence closing costs. Certain fees, such as loan origination fees, maybe a percentage of the loan amount.
  • Lender Requirements: Lenders may have specific requirements and fees associated with the loan, such as appraisal fees, underwriting fees, or mortgage insurance premiums.
  • Property Type: The type of property being purchased can impact closing costs. For example, condominiums may have additional fees for homeowners' association (HOA) documents or transfer fees.

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20% Down payment

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You need 20% down to purchase a home.


This isn't true. If you take out a conventional loan, you can buy a home with as little as 3% down.

Perfect Credit

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You won’t need a credit check.


Credit plays a significant role in your ability to get refinancing. However, borrowers with an excellent credit profile are rewarded with the lowest interest rates.

Interest Rates

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Mortgage interest rates are the same no matter what lender you work with.


The truth is that rates can vary from lender to lender. So for your financial safety, you should shop around when looking for a mortgage loan.

Finding a house

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Find a house, then worry about a mortgage.


This is terrible advice at any time, but in a hot seller’s market like today’s, believing this myth can lead you to miss out on a home altogether.

30-Year Fixed-Rate Mortgages

Risk Factors

A 30-year fixed-rate mortgage is always the best choice


If you can afford higher payments, you can own your home outright in less time and for less money with a 15-year fixed-rate mortgage.

Equity 123 Lending

Equity 123 Lending is a licensed mortgage broker.

All loans originated by Equity 123 Lending are funded by third party lenders. Equity 123 Lending INC, and Equity 123 Lending, LLC. are authorized to do business as “Equity 123 Lending” in certain states.

Equity 123 Lending is an equal housing lender.
cedric@equity123lending.com949 306-6602
22512 Aliso Park Drive
Lake Forest, California 92630
NMLS ID #2033794
NMLS ID For California #2476839
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