"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Sellers and buyers negotiate these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At The Reen Team at American Pacific Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We review GFEs with buyers almost every day, so we are happy to answer the you have about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At The Reen Team at American Pacific Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Up-front Interest Payment Escrow Fees Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Obtaining YourCredit Report
Transfer Taxes and Recording Fees Insurance
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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