About Closing Costs
"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Sellers & buyers negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. Since Advanced Mortgage, Inc. is highly experienced with closings and mortgages, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
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 many years of past experience. Please note that while our GFEs are very accurate, we cannot always estimate your closing costs to the penny. We handle buyers' questions about closing costs every day at Advanced Mortgage, Inc., so please be sure 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, soon after you have completed your application. At Advanced Mortgage, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Advanced Mortgage, Inc. can help you understand closing costs. Call us: (972)991-0080.