"Closing Costs" are the fees which cover various services involved in the sale of a home. Buyers & sellers almost always negotiate to decide how to split these costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Homewood Mortgage, Inc., we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
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 GFE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Homewood Mortgage, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Interest Payment Escrow Account TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report
Transfer Taxes & Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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