"Closing Costs" are the fees that cover the various services involved in the sale of a home. Buyers and sellers usually negotiate to decide how to share these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At SelectPlus Lending, we have extensive experience in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your costs. The closing costs spelled out 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 questions and highlighting costs that can change slightly at closing.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At SelectPlus Lending, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes
Insurance Transfer Taxes and Recording Fees
Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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