There are certain standard costs associated with closing the sale of a house. Sellers and buyers almost always share these closing costs, as the real estate sales contract specifies.
As indicated below, many of the closing costs result from getting your loan. At 1st Security Home Mortgage Corp, we have extensive experience in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. Please note that while our GFEs are very accurate, we can't always predict closing costs to the penny. We go over GFEs with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Account Various TaxesLoan Origination Fee
InsuranceRecording Fees and Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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