About Closing Costs
There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always split these closing costs, as the sales contract specifies.
As you'll see below, many of the closing costs result from getting your loan. Since Advanced Mortgage, Inc. has extensive experience with closings & mortgages, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Buyers will receive 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 Advanced Mortgage, Inc.'s experience with mortgage loans, but costs often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We review Good Faith Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Points — lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At Advanced Mortgage, Inc., we answer questions about closing costs every day. Give us a call at (972)991-0080.