Don't Forget Closing Costs
"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Buyers and sellers usually negotiate to decide how to share these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. At Prime Capital Mortgage Corp, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at closing.
Below is a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
Prime Capital Mortgage Corp can help you understand closing costs. Call us: 248-644-1200.
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