Every home sale involves costs. Sellers and buyers almost always share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying a house are associated with getting a mortgage loan. Since Stepping Stone Mortgage has extensive experience with closings and mortgages, we often explain the details of closing costs.
Soon after you submit your application, we will give you the "Good Faith Estimate" of your costs. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the GFE and closing. We handle questions about these costs every day at Stepping Stone Mortgage, so don't hesitate to ask if we can help answer your questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Stepping Stone Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Credit Report Up-front Interest Payment Escrow Account TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee
Insurance Transfer Taxes and Recording Fees
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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