Don't Forget Closing Costs
"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers and sellers negotiate the payment of these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Saab Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you apply for a loan, we will provide you with a "Good Faith Estimate" of your costs. We base this closing cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we cannot always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.
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 give you a Good Faith Estimate.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
At Saab Mortgage, we answer questions about closing costs every day. Give us a call: 703-288-0777.
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