"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Buyers & sellers usually negotiate to decide how to split these costs.
Many of the costs associated with buying residential real estate are associated with getting the loan. At The Mortgage Exchange Service LLC, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Soon after you apply for a loan, we will give you the "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We review GFEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At The Mortgage Exchange Service LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Obtaining Your Credit Report Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan
Transfer Taxes and Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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