"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Buyers & sellers often negotiate these closing costs.
As indicated below, many of the buyer's costs cover the costs of originating the loan. At Custom Lending Group, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very accurate, we can't always predict costs to the penny. We explain Good Faith Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.
Below you'll find a fairly 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 Costs
Credit Report Interest Payment Escrow Fees TaxesCosts related to "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Costs
InsuranceRecording Fees and Transfer Taxes
Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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