"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage. At The Mortgage Exchange Service LLC, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Very soon after you submit your application, we will provide you with the "Good Faith Estimate" of your costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our GFEs are very accurate, we cannot always predict closing costs to the penny. We answer questions about closing costs every day at The Mortgage Exchange Service LLC, so don't hesitate to ask if we can help answer your questions.
Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Account
Recording Fees and Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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