"Closing Costs" are the fees that pay for various services involved in the sale of a house. Sellers and buyers almost always negotiate the payment of these closing costs.
Many of the costs associated with buying a house are associated with getting the mortgage. Since 1st Security Home Mortgage Corp has extensive experience with mortgages and closings, we can help you understand your closing costs.
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the Good Faith Estimate (GFE) and closing. We review GFEs with buyers almost every day, so we are happy to answer the you have about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At 1st Security Home Mortgage Corp, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Costs Obtaining Your Credit Report Interest Payment Escrow Account
Transfer Taxes & Recording Fees Insurance
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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