Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Sellers and buyers often negotiate the payment of these costs.
As you'll see below, many of the costs result from getting your loan. Since Prime Capital Mortgage Corp has extensive experience with closings and mortgages, we can help you understand your closing costs.
The Good Faith Estimate (Also know as the GFE)
Soon after you submit your application, we will give you a "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Good Faith Estimate (GFE) and closing. We review Good Faith Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Transfer Taxes and Recording Fees
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Prime Capital Mortgage Corp, we answer questions about closing costs every day. Call us at 248-644-1200.
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