Don't Forget Closing Costs
"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Buyers and sellers usually negotiate to decide how to split these costs.
Many of the costs associated with buying a home are associated with getting the mortgage loan. Since Saab Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Soon after you submit your application, we will give you the "Good Faith Estimate" of your costs. This cost estimate is based on our past experience. It's important to note that while our GFEs are very accurate, we cannot always predict your 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 you'll find a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Saab Mortgage can help you understand closing costs. Call us: 703-288-0777.
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