What are Closing Costs?
There are certain standard costs associated with closing the sale of a home. Buyers and sellers customarily split these costs, as the real estate sales contract specifies.
As you'll see below, many of the closing costs result from getting your loan. Since Savers Home Loans is highly experienced with mortgages & closings, we are closing cost experts.
The Good Faith Estimate (GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. It's important to note that while our GFEs are very precise, we can't always estimate your closing costs to the penny. We handle buyers' questions about closing costs every day at Savers Home Loans, so don't hesitate to ask if we can help answer your questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Savers Home Loans, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Transfer Taxes and Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Savers Home Loans can answer questions about these closing costs. Give us a call: (800) 974-0509.