How do Closing Costs Work?
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"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Buyers & sellers almost always negotiate these closing costs.
Many of the costs associated with buying a home are associated with getting a loan. Since Mortgage Financial Group, Inc is highly experienced with mortgages and closings, we often explain the details of closing costs.
The Good Faith Estimate (GFE)
Soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your closing costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we cannot always estimate closing costs to the penny. We review GFEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below is a general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Recording Fees & Transfer Taxes
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance