About 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 & buyers negotiate the payment of these costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage loan. At Prime Lenders Inc., we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Prime Lenders Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
(Reference below for some of the common closing costs. Additional closing costs may apply. Call Prime Lenders for details.)
Standard Closing CostsLoan-Related Costs
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Transfer Taxes & Recording Fees
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Prime Lenders, we answer questions about closing costs every day. Give us a call at 954-486-6000.