About Closing Costs
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All residential real estate sales involves fixed costs. Buyers and sellers almost always split these costs, as the real estate sales contract specifies.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At Equity Edge Mortgage, Inc., we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very accurate, we cannot always estimate costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Equity Edge Mortgage, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Recording Fees & Transfer Taxes
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Equity Edge Mortgage, Inc. can answer questions about these closing costs. Give us a call at 719-425-2226.