What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Buyers & sellers usually negotiate the payment of these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Hancock Mortgage Partners, LLC NMLS# 229844, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our GFEs are very accurate, we cannot always estimate your costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
Below is a general 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
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes and Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Hancock Mortgage Partners, LLC NMLS# 229844, we answer questions about closing costs every day. Call us: 225 819 7670.