"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Buyers and sellers often negotiate to decide how to share these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. Since Abundance Home Mortgage has extensive experience with mortgages and closings, we can help you understand your closing costs.
Buyers 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 Abundance Home Mortgage's experience with mortgage loans, but costs usually change a little bit between the Good Faith Estimate (GFE) and closing. We review GFEs with buyers almost every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your 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
Costs related to "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes
Transfer Taxes & Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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