Your Closing Costs
Certain standard costs are related to closing the sale of a home. Sellers and buyers usually share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. At Saab Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Very shortly after you submit your application, we will give you the "Good Faith Estimate" of your costs. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we can't always predict closing costs to the penny. We answer buyers' questions about closing costs every day at Saab Mortgage, so don't hesitate to contact us if we can help answer your questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Saab Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Costs associated with "originating" your loan
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Saab Mortgage can help you understand closing costs. Call us at 703-288-0777.
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