Your Closing Costs
"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Buyers and sellers often negotiate these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At Saab Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we cannot always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
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 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
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Saab Mortgage can help you understand closing costs. Give us a call: 703-288-0777.
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