About Closing Costs
There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually share these costs, as the sales contract specifies.
As you'll see below, many of the costs result from getting your loan. At The Mortgage Exchange Service LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you submit your application, we will provide you with the "Good Faith Estimate" of your costs. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we cannot always predict your closing costs to the penny. 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 these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At The Mortgage Exchange Service LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
At The Mortgage Exchange Service LLC, we answer questions about closing costs every day. Call us at 703.255-5810.