Every home sale incurs certain fixed costs. Sellers and buyers customarily split these closing costs, as the sales contract specifies.
As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. At MidTowne Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes vary a little bit 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, soon after you complete your application. At MidTowne Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Credit Report Up-front Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Costs
Transfer Taxes & Recording Fees Insurance
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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