About Closing Costs
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"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Sellers and buyers negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. At Residential Mortgage Group, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you submit your application, I'll provide you with a "Good Faith Estimate" of your closing costs. This closing cost estimate comes out of our past experience. Please note that while our GFEs are very precise, we can't always estimate closing costs to the penny. I will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can change slightly at closing.
I'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 complete your application. At Residential Mortgage Group, I don't believe in surprises, so if your costs change, I'll be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance