What are Closing Costs?
Every home sale involves certain fixed costs. Buyers and sellers usually share these closing costs, as specified in the sales contract.
Many of the closing costs associated with buying a home are associated with getting a mortgage loan. At Carter Financial Solutions, we have extensive experience in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Very soon after you apply for a loan, we will give you the "Good Faith Estimate" of your costs. This closing cost estimate comes out of our past experience. It's important to note that while our GFEs are very accurate, we cannot always predict your costs to the penny. We answer buyers' questions about these costs every day at Carter Financial Solutions, so please be sure to contact us if we can help answer your questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Carter Financial Solutions, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Carter Financial Solutions can help you understand closing costs. Call us at 866-840-8745 x2.
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