All residential real estate transactions incurs certain costs. Sellers and buyers usually split these costs, as specified in the sales contract.
As indicated below, many of the buyer's closing costs cover the costs of originating the loan. Since Abundance Home Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.
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 Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Abundance Home Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Getting YourCredit Report Interest Payment Escrow Account Various TaxesLoan-related costs Points — lower your mortgage interest rate (optional) Appraisal Fee
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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