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Mortgage Market Update
Tyler Burns
Lifestyle Lending
Wednesday, September 2, 2026
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What's actually in your closing costs |
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Hi there—whether you're thinking about buying, selling, or refinancing soon, closing costs are going to come up. Let me break down what you're really paying for.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Closing Costs
What closing costs actually cover
When you're buying a home or refinancing, closing costs can feel like a mystery—sometimes thousands of dollars you didn't expect. But there's a reason for each charge. Your closing costs cover things like title insurance to protect your ownership, appraisal fees to verify the home's value, underwriting to make sure your loan is solid, and recording fees so your deed gets filed properly. Some costs go to your lender, some to your realtor, some to the title company. Understanding what you're paying for helps you spot what's reasonable and what questions to ask. I'm happy to walk you through your estimate line by line so there are no surprises at the table. Reach out if you'd like me to explain your closing costs or answer questions about what to expect.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Tyler Burns team any time and we'll walk you through your options. |
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