"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers & sellers almost always negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. At The Mortgage Exchange Service LLC, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate is based on our past experience. Please note that while our GFEs are very accurate, we can't always estimate costs to the penny. We explain GFEs with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Loan-related costs Points — lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees Taxes
Transfer Taxes and Recording Fees Insurance
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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