Don't Forget Closing Costs
There are certain standard costs associated with closing the sale of a home. Buyers and sellers usually share these costs, as specified in the real estate sales contract.
As indicated below, many of the closing costs result from getting your loan. Since Hancock Mortgage Partners, LLC NMLS# 229844 has extensive experience with closings and mortgages, we often explain the details of closing costs.
The Good Faith Estimate (GFE)
Very shortly after you apply for a loan, we'll provide you with the "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the GFE and closing. We explain GFEs with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a fairly general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — lower your interest rate (optional)
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Hancock Mortgage Partners, LLC NMLS# 229844 can help you understand closing costs. Call us at 225 819 7670.