About Closing Costs
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"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Sellers and buyers negotiate to decide how to share these costs.
As you'll see below, many of the costs result from getting your mortgage. At Howard Financial, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Soon after you apply for a loan, we will give you the "Good Faith Estimate" of your closing costs. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the GFE and closing. We explain GFEs with buyers every day, so we'd be glad to answer the you have about closing costs.
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 complete your loan application. At Howard Financial, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Getting YourCredit Report
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
Howard Financial can answer questions about these closing costs. Call us at (610) 889-7467.