Every home sale involves certain costs. Sellers and buyers customarily split these costs, as the real estate sales contract specifies.
As you'll see below, many of the costs result from getting your mortgage. Since First Access Mortgage has extensive experience with mortgages & closings, we often explain the details of closing costs.
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate comes out of our past experience. Please note that while our GFEs are very precise, we cannot always estimate your costs to the penny. We field buyers' questions about these costs every day at First Access Mortgage, so please be sure to ask if you have questions.
Below you'll find a fairly general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Escrow Account TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment
Transfer Taxes & Recording Fees Insurance
Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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