All residential real estate sales involves fixed costs. Sellers and buyers usually split these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying a home are associated with getting the mortgage loan. Since 1st Security Home Mortgage Corp is highly experienced with mortgages and closings, we often explain the details of closing costs.
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the Good Faith Estimate (GFE) and closing. We handle buyers' questions about these costs every day at 1st Security Home Mortgage Corp, so please feel free to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your 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
Escrow Account Various TaxesLoan-related costs Points — lower your interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment
Recording Fees & Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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