"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Buyers and sellers often negotiate these closing costs.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Statewide Funding, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between the GFE and closing. We field questions about these costs every day at Statewide Funding, so please feel free to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Statewide Funding, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Escrow Account Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment
InsuranceRecording Fees and Transfer Taxes
Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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