About Closing Costs
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"Closing Costs" are the fees that cover various services involved in the sale of a home. Sellers & buyers usually negotiate to determine who will pay different portions of these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. Since Strock & Tanner Mortgage Corp. is highly experienced with closings & mortgages, we are closing cost experts.
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we'll provide you with the "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs often change a little bit between the Good Faith Estimate (GFE) and closing. We review GFEs with buyers almost every day, so we will be happy to answer your questions 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 have completed your loan application. At Strock & Tanner Mortgage Corp., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
At Strock & Tanner Mortgage Corp., we answer questions about closing costs every day. Give us a call at 305-598-1600.