"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Sellers & buyers almost always negotiate the payment of these closing costs.
Many of the costs associated with buying a home are associated with getting the loan. Since Stepping Stone Mortgage has extensive experience with mortgages & closings, we are closing cost experts.
Very soon after you apply for a loan, we'll provide you with a "Good Faith Estimate" of your costs. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very accurate, we cannot always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Getting YourCredit Report Up-front Interest Payment Escrow Account Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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