"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers & buyers negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the closing costs result from getting your loan. At Stepping Stone Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Very soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. The closing costs specified in the GFE are estimated based on Stepping Stone Mortgage's experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We explain Good Faith Estimates with buyers every day, so we will be happy to answer any questions you have about closing costs.
Below is a fairly general list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Credit Report Interest Payment Escrow Account Various TaxesCosts associated with "originating" your loan Points — lower your interest rate (optional) Appraisal Fee
Insurance Transfer Taxes & Recording Fees
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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