What are Closing Costs?
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"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Buyers and sellers negotiate the payment of these costs.
Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. Since The Mortgage Network is highly experienced with closings and mortgages, we are closing cost experts.
Good Faith Estimate (GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on The Mortgage Network's experience with mortgage loans, but costs often vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We field buyers' questions about closing costs every day at The Mortgage Network, so don't hesitate to ask if you have questions.
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 The Mortgage Network, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
The Mortgage Network can help you understand closing costs. Call us at (303) 993-6358.