Your Closing Costs
Certain standard costs are related to closing the sale of a home. Sellers and buyers almost always split these costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting the mortgage loan. At Saab Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We explain Good Faith Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
Below you'll find a generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining YourCredit Report
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Saab Mortgage can answer questions about these closing costs. Give us a call at 703-288-0777.
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