About Closing Costs
All residential real estate sales involves certain costs. Buyers and sellers usually share these closing costs, as the sales contract specifies.
As indicated below, many of the costs result from getting your mortgage. At Mortgage Max Inc, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Buyers get 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 change 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 can change slightly at the closing table.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Mortgage Max Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Mortgage Max Inc, we answer questions about closing costs every day. Give us a call: 760-547-2080.