Don't Forget Closing Costs

"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Sellers & buyers usually negotiate these costs.

As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. At Homewood Mortgage, Inc., we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the 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 general list of closing costs. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance

At Homewood Mortgage, Inc., we answer questions about closing costs every day. Call us at 205-941-1484.

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