What are Closing Costs?
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"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Buyers & sellers usually negotiate to decide how to share these closing costs.
As the list below indicates, many of the costs result from getting your mortgage. At Pride Of Ownership Inc., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on Pride Of Ownership Inc.'s experience with mortgage loans, but costs often change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We answer questions about these costs every day at Pride Of Ownership Inc., so please be sure to ask if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Pride Of Ownership Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
Pride Of Ownership Inc. can answer questions about these closing costs. Give us a call: (714) 827-5125.