"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Buyers & sellers usually negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the costs result from getting your mortgage. Since Prime Capital Mortgage Corp is highly experienced with closings and mortgages, we often explain the details of closing costs.
Good Faith Estimate (Also know as the GFE)
Buyers will get a "Good Faith Estimate" of closing costs at 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 Good Faith Estimate (GFE) and closing. We go over Good Faith Estimates with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your 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
- Credit Report
- Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Prime Capital Mortgage Corp can answer questions about these closing costs. Give us a call: 248-644-1200.
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