Don't Forget Closing Costs
Every home sale incurs certain fixed costs. Buyers and sellers usually share these closing costs, as the sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting the loan. At Savers Home Loans, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimate (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 our experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We review GFEs with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your 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
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
At Savers Home Loans, we answer questions about closing costs every day. Give us a call at (800) 974-0509.