Certain standard costs are associated with closing the sale of a home. Sellers and buyers usually split these costs, as specified in the real estate sales contract.
As the list below indicates, many of the closing costs result from getting your mortgage. At Abundance Home Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your costs. The closing costs specified in the Good Faith Estimate are estimated based on Abundance Home Mortgage's experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can change slightly at the closing table.
Below you'll find a generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Points — A fee paid to lower your interest rate (optional) Appraisal Fee Getting Your Credit Report Up-front Interest Payment Escrow Account Various TaxesCosts related to "originating" your loan
Insurance Transfer Taxes & Recording Fees
Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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