What are Closing Costs?
"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate these closing costs.
Many of the costs associated with buying residential real estate are associated with getting a loan. Since Mortgage Max Inc is highly experienced with closings & mortgages, we often explain the details of closing costs.
Good Faith Estimate (Also know as the GFE)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on our past experience. Please note that while our GFEs are very precise, we cannot always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at closing.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Mortgage Max Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
Mortgage Max Inc can help you understand closing costs. Call us: 760-547-2080.