What are Closing Costs?
"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate to decide how to split these closing costs.
Many of the costs associated with buying a house are associated with getting a loan. At Savers Home Loans, we have extensive experience in 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 Estimates (GFEs)
Very soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your closing costs. The closing costs spelled out in the Good Faith Estimate are estimated based on Savers Home Loans's experience with mortgage loans, but costs often change a little bit between the GFE and closing. We answer buyers' questions about closing costs every day at Savers Home Loans, so please be sure to contact us if we can help answer your questions.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
Savers Home Loans can answer questions about these closing costs. Give us a call at (800) 974-0509.