What are Closing Costs?
Every home sale involves certain fixed costs. Buyers and sellers almost always split these costs, as specified in the sales contract.
Many of the closing costs associated with buying a home are associated with getting a mortgage loan. Since PREMIERE MORTGAGE SERVICES INC. is highly experienced with closings and mortgages, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Very shortly after you apply for a loan, we'll give you a "Good Faith Estimate" of your closing costs. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between the Good Faith Estimate (GFE) and closing. 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 give you a specific list of closing costs, with amounts, soon after you complete your loan application. At PREMIERE MORTGAGE SERVICES INC., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Transfer Taxes and Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
PREMIERE MORTGAGE SERVICES INC. can answer questions about these closing costs. Call us at 978-422-2311.