What are Closing Costs?
"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Sellers and buyers almost always negotiate the payment of these closing costs.
Many of the costs associated with buying a home are associated with getting a mortgage. At Savers Home Loans, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we can't always predict your costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
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 loan application. At Savers Home Loans, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Savers Home Loans can help you understand closing costs. Call us: (800) 974-0509.