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Closing Costs
There are certain standard costs associated with closing the sale of a house. These fees are sometimes split between the buyer and the seller, as spelled out in the sales contract.
We will walk you through the closing costs as shown on a Good Faith Estimate and the Initial Fees Worksheet, answering any questions you may have and explaining where each and every fee is applied within your mortgage loan.
Good Faith Estimate and Initial Fees Worksheet
All Borrowers will receive a Good Faith Estimate and Initial Fees Worksheet of closing costs at the time the loan application is submitted to the lender. The estimate will be put together by us personally and is based on our past mortgage loan experience. We will review the closing costs with you, answering questions and highlighting the costs and estimates that could be variable.
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Standard Closing Costs
Loan-Related Costs
- Loan Origination Fee
- Points (optional)
- Appraisal Fee
- Credit Report
- Processing Fee
- Underwriting Fee
- Document Preparation Fee
- Attorney/Closing Fee
- Prepaid Interest Payment
- Escrow Account Setup
Taxes
- Property Taxes
- Transfer Taxes and Recording Fees
Insurance
- Homeowners Insurance
- Flood or Quake Insurance, if Applicable
- Private Mortgage Insurance (PMI), if Applicable
- Title Insurance
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