What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Sellers & buyers often negotiate these costs.

As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Abundance Home Mortgage is highly experienced with closings and mortgages, we are closing cost experts.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on our past experience. Please note that while our GFEs are very accurate, we can't always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Abundance Home Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Abundance Home Mortgage can answer questions about these closing costs. Call us at (512) 335-7800.

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