How do Closing Costs Work?
"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Sellers and buyers often negotiate to decide how to share these closing costs.
Many of the costs associated with buying residential real estate are associated with getting a loan. Since Prime Capital Mortgage Corp has extensive experience with closings & mortgages, we are closing cost experts.
Good Faith Estimates (GFEs)
Buyers will receive 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 Prime Capital Mortgage Corp's experience with mortgage loans, but costs usually vary by small amounts between delivery of the GFE and closing. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Prime Capital Mortgage Corp, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Fees
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Prime Capital Mortgage Corp can answer questions about these closing costs. Give us a call: 248-644-1200.
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