Don't Forget Closing Costs
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"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Sellers and buyers usually negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since American Mortgage Alliance has extensive experience with closings and mortgages, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your costs. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very accurate, we can't always predict your closing costs to the penny. We handle buyers' questions about closing costs every day at American Mortgage Alliance, so please feel free to ask if you have questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your application. At American Mortgage Alliance, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)