Don’t Forget Closing Costs
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“Closing Costs” are the fees which cover the various services involved when you sell or buy a home. Sellers & buyers usually negotiate the payment of these costs.
As indicated below, many of the buyer’s costs are related to the costs of getting the mortgage loan. At Todd Swanson, Mortgage Consultant, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your “Good Faith Estimate”.
Good Faith Estimate (GFE)
Soon after you submit your application, we will give you the “Good Faith Estimate” of your closing costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the GFE and closing. We will be glad to review the “Good Faith Estimate,” answering questions and highlighting costs that can change slightly at the closing table.
We’ve provided a general list of these costs below, but we’ll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Todd Swanson, Mortgage Consultant, we don’t believe in surprises, so if your costs change, we’ll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Todd Swanson, Mortgage Consultant can help you understand closing costs. Call us at (619) 226-3234.
