Closing Costs for Home Real Estate Transactions
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Every home sale involves fixed costs. Buyers and sellers almost always share these closing costs, as the sales contract specifies.
As you'll see below, many of the costs result from getting your loan. At CrownMark Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Soon after you apply for a loan, we will give you the "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on CrownMark Mortgage's experience with mortgage loans, but costs often change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We explain Good Faith Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At CrownMark Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
CrownMark Mortgage can help you understand closing costs. Give us a call at (317)594-9800.