"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Buyers and sellers almost always negotiate to decide how to split these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. Since MidTowne Mortgage has extensive experience with mortgages and closings, we are closing cost experts.
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. Please note that while our GFEs are very accurate, we cannot always predict your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
Below you'll find a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs Loan-Related Costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Interest Payment Escrow Fees TaxesLoan-related costs Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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