Don't Forget Closing Costs
"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Buyers and sellers almost always negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the costs result from getting your loan. Since Advanced Mortgage, Inc. has extensive experience with mortgages and closings, we can help you understand your closing costs.
Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we can't always estimate your costs to the penny. We handle buyers' questions about these costs every day at Advanced Mortgage, Inc., so please feel free to contact us if you have questions.
Below you'll find a fairly generic list of costs for buying a home. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Escrow Fees
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
Advanced Mortgage, Inc. can help you understand closing costs. Give us a call: (972)991-0080.