About Closing Costs
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There are certain standard costs associated with closing the sale of a home. Buyers and sellers customarily share these closing costs, as the real estate sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. Since Preston Ware has extensive experience with closings and mortgages, we can help you understand your closing costs.
The Good Faith Estimate (GFE)
Very shortly after you apply for a loan, we will provide you with the "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at closing.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Preston Ware, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
Preston Ware can help you understand closing costs. Give us a call: (561) 329-0075.