About Closing Costs
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"Closing Costs" are the fees that pay for various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these closing costs.
Many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since I'm highly experienced with mortgages & closings, I'm sort of an expert on closing costs and can structure a loan you'll be happy with.
The Good Faith Estimate (GFE)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on my experience with mortgage loans, but costs usually vary by small amounts between the GFE and closing. I answer questions about closing costs every day, so please be sure to contact me if you have questions.
Below you'll find a fairly generic list of costs for buying residential real estate. I will provide you with a specific list of your closing costs when I provide your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Up-front Interest Payment
- Escrow Fees
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
As your Independent Broker, I can help you understand all there is to know about closing costs. Give me a call at (619) 758-4035.