Don't Forget Closing Costs

"Closing Costs" are the fees that pay for various services involved when you sell or buy a home. Sellers & buyers almost always negotiate to decide how to split these closing costs.

As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At The Mortgage Exchange Service LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we can't always predict your closing costs to the penny. We answer buyers' questions about these costs every day at The Mortgage Exchange Service LLC, so please feel free to ask if we can help answer your questions.

Below is a generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Fees
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

The Mortgage Exchange Service LLC can help you understand closing costs. Call us: 703.255-5810.

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