"Closing Costs" are the fees which cover various services involved in the sale of a house. Sellers & buyers usually negotiate the payment of these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of getting the loan. Since Americn Hero Mortgage has extensive experience with mortgages & closings, we often explain the details of closing costs.
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on Americn Hero Mortgage's experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We handle questions about closing costs every day at Americn Hero Mortgage, so don't hesitate to contact us 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 loan application. At Americn Hero Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Interest Payment Escrow Account Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Getting YourCredit Report
Insurance Transfer Taxes and Recording Fees
Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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