Don't Forget Closing Costs
Every home sale incurs fixed costs. Buyers and sellers usually split these costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's costs cover the costs of originating the loan. At Equity Edge Mortgage, Inc., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very shortly after you apply for a loan, we will give you a "Good Faith Estimate" of your closing costs. We base this closing cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we can't always predict costs to the penny. We field questions about closing costs every day at Equity Edge Mortgage, Inc., so don't hesitate to ask if we can help answer your questions.
Below you'll find a generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Equity Edge Mortgage, Inc., we answer questions about closing costs every day. Give us a call: 719-425-2226.