"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Sellers and buyers negotiate to decide how to share these costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. Since Custom Lending Group is highly experienced with mortgages & closings, we often explain the details of closing costs.
Very soon after you apply for a loan, we will give you the "Good Faith Estimate" of your closing costs. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes change slightly at closing.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Custom Lending Group, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Points — lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Account Various TaxesLoan Origination Fee
Recording Fees and Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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