What are Closing Costs?

Certain standard costs are related to closing the sale of a house. Buyers and sellers customarily share these costs, as the sales contract specifies.

As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Americn Hero Mortgage has extensive experience with closings and mortgages, we often explain the details of closing costs.

The Good Faith Estimate (GFE)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on Americn Hero Mortgage's experience with mortgage loans, but costs often vary a little bit between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.

Below you'll find a generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • 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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