"Closing Costs" are the fees which cover various services involved in the sale of a home. Buyers & sellers negotiate these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the mortgage loan. At Custom Lending Group, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your closing costs. The closing costs specified in the Good Faith Estimate are estimated based on Custom Lending Group's experience with mortgage loans, but costs usually change by small amounts between delivery of the GFE and closing. We explain GFEs with buyers almost every day, so we will be happy to answer your questions about closing costs.
Below is a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Interest Payment Escrow Account Various TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Costs Getting YourCredit Report
InsuranceRecording Fees & Transfer Taxes
Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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