"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Sellers and buyers often negotiate the payment of these closing costs.
Many of the costs associated with buying a home are associated with getting a loan. At Financial Edge Mortgage Corp., we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very accurate, we cannot always estimate your costs to the penny. We go over Good Faith Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
Below you'll find a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Financial Edge Mortgage Corp. can help you understand closing costs. Call us: 425-508-9988.
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