Don't Forget Closing Costs
"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Buyers and sellers negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Prime Capital Mortgage Corp, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the GFE and closing. We handle buyers' questions about these costs every day at Prime Capital Mortgage Corp, so please feel free to contact us if we can help answer your questions.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Prime Capital Mortgage Corp can answer questions about these closing costs. Call us: 248-644-1200.
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