What are Closing Costs?
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"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers and buyers negotiate the payment of these costs.
As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. Since Bonnie Andrews is highly experienced with closings and mortgages, we can help you understand your closing costs.
The Good Faith Estimate (Also know as the GFE)
Very shortly after you apply for a loan, we'll give you the "Good Faith Estimate" of your closing costs. The cost estimate comes out of our past experience. Please note that while our GFEs are very accurate, we cannot always predict closing costs to the penny. We explain Good Faith Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
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 complete your loan application. At Bonnie Andrews, 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 Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
Bonnie Andrews can help you understand closing costs. Give us a call: 901-674-8593.