How do Closing Costs Work?
Certain standard costs are associated with closing the sale of a house. Sellers and buyers almost always share these costs, as the sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Saab Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your costs. The cost estimate comes out of our past experience. Please 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 questions and pointing out costs that can vary a little bit at the closing table.
Below you'll find a general list of closing costs. We will always provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Saab Mortgage, we answer questions about closing costs every day. Give us a call at 703-288-0777.
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