How do Closing Costs Work?
"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers & buyers usually negotiate these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage. Since Prime Capital Mortgage Corp is highly experienced with closings and mortgages, we can help you understand your closing costs.
Good Faith Estimate (GFE)
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 often vary by small amounts between delivery of the GFE and closing. We field questions about these costs every day at Prime Capital Mortgage Corp, so don't hesitate to ask if you have questions.
Below you'll find a general list of costs for buying a home. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
At Prime Capital Mortgage Corp, we answer questions about closing costs every day. Give us a call: 248-644-1200.
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