About Closing Costs
Certain standard costs are associated with closing the sale of a house. Sellers and buyers customarily share these closing costs, as specified in the sales contract.
As indicated below, many of the costs result from getting your loan. Since Howard Financial is highly experienced with closings and mortgages, we are closing cost experts.
The Good Faith Estimate (Also know as the GFE)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on Howard Financial's experience with mortgage loans, but costs often change a little bit between delivery of the Good Faith Estimate (GFE) and closing. We handle buyers' questions about these costs every day at Howard Financial, so please be sure to ask if we can help answer your questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Howard Financial, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance