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Closing Costs
There are certain standard costs associated with closing the sale of a home. These fees are split between the buyer and the seller, as spelled out in the sales contract.
As we negotiate the sales contract for you, we'll not only work to get the sales price you want, but we'll also work to limit the amount of closing costs for which you will be responsible.
We will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable (there are many that the seller can pay, if both parties agree).
Good Faith Estimate
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. We will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates that we believe to be low or missing.
Standard Closing Costs (sample list)
Loan-Related Costs
- Loan Origination Fee
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account (pre-paid taxes and insurance)
Taxes
- Property Taxes
- Transfer Taxes (Doc Stamps) and Recording Fees
Insurance
- Homeowners Insurance
- Flood Insurance (if required)
- Private Mortgage Insurance (PMI)
- Title Insurance
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