"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".
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
TaxesCosts 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
Transfer Taxes and Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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