What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved when you sell or buy a home. Sellers & buyers often negotiate the payment of these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage loan. Since Savers Home Loans has extensive experience with mortgages & closings, we are closing cost experts.
The Good Faith Estimate (GFE)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on our past experience. It's important to note that while our GFEs are very precise, we cannot always predict your costs to the penny. We handle buyers' questions about these costs every day at Savers Home Loans, so don't hesitate to ask if we can help answer your questions.
Below you'll find a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Appraisal Costs
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
At Savers Home Loans, we answer questions about closing costs every day. Call us at (800) 974-0509.