About Closing Costs
"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Buyers and sellers usually negotiate these costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. At Carter Financial Solutions, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs at 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 precise, we cannot always predict costs to the penny. We explain GFEs with buyers every day, so we'd be glad to answer your questions about closing costs.
Below you'll find a fairly generic list of costs for buying a home. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At Carter Financial Solutions, we answer questions about closing costs every day. Give us a call: 866-840-8745 x2.
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