What are Closing Costs?
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Certain standard costs are associated with closing the sale of a home. Sellers and buyers usually share these costs, as specified in the real estate sales contract.
As indicated below, many of the costs result from getting your loan. At Abacus Mortgage & Loans, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your closing costs. This closing cost estimate is based on our past experience. Please note that while our GFEs are very precise, we cannot always estimate costs to the penny. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Abacus Mortgage & Loans, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Abacus Mortgage & Loans, we answer questions about closing costs every day. Call us: 5036903088.