Your Closing Costs
There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually share these costs, as the real estate sales contract specifies.
As you'll see below, many of the costs result from getting your loan. Since Prime Capital Mortgage Corp has extensive experience with mortgages and closings, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can vary a little bit at closing.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Prime Capital Mortgage Corp, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Prime Capital Mortgage Corp can answer questions about these closing costs. Call us: 248-644-1200.
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