Don't Forget Closing Costs
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There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually share these closing costs, as specified in the sales contract.
As you'll see below, many of the closing costs result from getting your mortgage loan. At American Success Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on American Success Mortgage's experience with mortgage loans, but costs usually vary a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out 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, soon after you have completed your application. At American Success Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At American Success Mortgage, we answer questions about closing costs every day. Give us a call at 2124733933.