Your Closing Costs
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"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Buyers and sellers often negotiate these closing costs.
As the list below indicates, many of the closing costs result from getting your loan. At First Equity Home Loan, Inc., we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. It's important to note that while our GFEs are very accurate, we cannot always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At First Equity Home Loan, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
First Equity Home Loan, Inc. can help you understand closing costs. Call us: 256-543-0670.