Your Closing Costs
"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Buyers and sellers usually negotiate to decide how to share these costs.
As you'll see below, many of the closing costs result from getting your mortgage. Since PREMIERE MORTGAGE SERVICES INC. is highly experienced with mortgages & closings, we can help you understand your closing costs.
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. We base this closing cost estimate on our extensive past experience. Please 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 questions and pointing out costs that can change slightly at the closing table.
Below is a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
At PREMIERE MORTGAGE SERVICES INC., we answer questions about closing costs every day. Call us at 978-422-2311.