About Closing Costs
Certain standard costs are related to closing the sale of a home. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. Since Financial Edge Mortgage Corp. is highly experienced with closings and mortgages, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on Financial Edge Mortgage Corp.'s experience with mortgage loans, but costs usually change a little bit between delivery of the GFE and closing. We handle questions about these costs every day at Financial Edge Mortgage Corp., so please feel free to ask if we can help answer your questions.
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 have completed your application. At Financial Edge Mortgage Corp., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
At Financial Edge Mortgage Corp., we answer questions about closing costs every day. Give us a call at 425-508-9988.
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