Closing Costs for Residential Real Estate Transactions
There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually share these closing costs, as the real estate sales contract specifies.
Many of the costs associated with buying a house are associated with getting the mortgage. At Saab Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very shortly after you apply for a loan, we will provide you with a "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We answer questions about these costs every day at Saab Mortgage, so don't hesitate to ask if you have questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your application. At Saab Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Saab Mortgage can help you understand closing costs. Give us a call: 703-288-0777.
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