"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Sellers & buyers often negotiate to determine who will pay different portions of these closing costs.
Many of the closing costs associated with buying a home are associated with getting the mortgage. At Abundance Home Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at closing.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Abundance Home Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Various TaxesCosts associated with "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Obtaining Your Credit Report Interest Payment Escrow Fees
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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