What are Closing Costs?

"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Buyers & sellers often negotiate the payment of these closing costs.

Many of the closing costs associated with buying a house are associated with getting a mortgage. At Americn Hero Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.

Below is a fairly generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Americn Hero Mortgage can help you understand closing costs. Call us at 754-202-4376.

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