Don't Forget Closing Costs
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Certain standard costs are associated with closing the sale of a house. Buyers and sellers almost always share these closing costs, as the real estate sales contract specifies.
As the list below indicates, many of the costs result from getting your mortgage. At SquareLend, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on SquareLend's experience with mortgage loans, but costs usually change by small amounts between delivery of the GFE and closing. We go over Good Faith Estimates with buyers almost 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 complete your application. At SquareLend, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At SquareLend, we answer questions about closing costs every day. Call us: 5627733870.